Big Oil Moving Back Into Libya

Big Oil Moving Back Into Libya

Right on schedule, the multinationals follow the rebels into Tripoli.


As a follow-up to my earlier piece on Libya, it appears that the oil multinationals are charging back into Libya, right on schedule. Italy’s ENI and France’s Total are leading the pack, and the US and British firms, including BP, aren’t far behind. Here’s Reuters:

“Analysts and industry observers have said ENI and Total could emerge as the big winners in post-war Libya due to their countries’ heavy support for the rebels.”

The wire service adds:

“Libya’s leading foreign oil producer, ENI of Italy led the charge back into Libya on Monday as rebels swept into the Libyan capital Tripoli hailing the end of Muammar Gaddafi’s rule.… Shares in European companies Italy’s ENI, Austria’s OMV and France’s Total rose by 3-5 percent despite a $2 fall in the price of oil.… Italy’s Foreign Minister Franco Frattini said staff from ENI had arrived to look into a restart of oil facilities in the east of the country even as fighting between government troops and the rebels continued in Tripoli in the west.

“ ’The facilities had been made by Italians, by (oil field services group) Saipem, and therefore it is clear that ENI will play a No. 1 role in the future,’ Frattini told state TV RAI.”

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