Libya investigates oil contracts from Gaddafi's rule

Libya is investigating foreign oil companies regarding contracts worked out during the rule of former leader Muammar Gaddafi.

The investigation was sparked when the National Transitional Council?s Oil Committee received energy industry information during Gaddafi?s rule that raised suspicions about contracts from that four-decade time period, Reuters reports. The committee is requesting documents from Libya?s National Oil Corp., which handles contracts between private companies and the state.

During Gaddafi?s rule, many of the world?s major oil companies had connections to Libya or Tripoli.

Houston-based Marathon Oil Corp.? ? Marathon Oil Corp. Latest from The Business Journals Companies team up with schools to mold candidatesTarget Logistics develops worker housing for booming shale play With 0M in private equity secured, former Atlas execs team up to start all over in the Marcellus Follow this company (NYSE: MRO) and ConocoPhillips? ? ConocoPhillips Latest from The Business Journals Follow this company (NYSE: COP) suspended production in the war-torn country last year on the heels of the decision by the United States to impose economic sanctions after Gaddafi?s forces moved to quash the rebellion.

As of December, BP Plc (NYSE: BP) and Royal Dutch Shell Plc (NYSE: RDS-A) were considering restarting their oil exploration operations in Libya following the unseating of Gaddafi. At that time, ConocoPhillips had already restarted its operations.

Libya is investigating foreign oil companies regarding contracts worked out during the rule of former leader Muammar Gaddafi.

The investigation was sparked when the National Transitional Council?s Oil Committee received energy industry information during Gaddafi?s rule that raised suspicions about contracts from that four-decade time period, Reuters reports. The committee is requesting documents from Libya?s National Oil Corp., which handles contracts between private companies and the state.

During Gaddafi?s rule, many of the world?s major oil companies had connections to Libya or Tripoli.

Houston-based Marathon Oil Corp.? ? Marathon Oil Corp. Latest from The Business Journals Companies team up with schools to mold candidatesTarget Logistics develops worker housing for booming shale play With 0M in private equity secured, former Atlas execs team up to start all over in the Marcellus Follow this company (NYSE: MRO) and ConocoPhillips? ? ConocoPhillips Latest from The Business Journals Follow this company (NYSE: COP) suspended production in the war-torn country last year on the heels of the decision by the United States to impose economic sanctions after Gaddafi?s forces moved to quash the rebellion.

As of December, BP Plc (NYSE: BP) and Royal Dutch Shell Plc (NYSE: RDS-A) were considering restarting their oil exploration operations in Libya following the unseating of Gaddafi. At that time, ConocoPhillips had already restarted its operations.

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