http://www.reuters.com/article/2011/02/23/us-libya-usa-oilcompanies-idUSTRE71L5VI20110223 Factbox: U.S. oil companies' interests in Libya Wed, Feb 23 2011 (Reuters) - A burgeoning revolt in Libya led to a call from U.S. Senator John Kerry, who is chairman of the Senate Foreign Relations Committee, for all oil companies to cease operations in the country immediately. Many U.S. oil companies have interests in Libya. The following are details of their exposure, based on their latest annual reports: CONOCOPHILLIPS ConocoPhillips, the third-largest U.S. oil company, holds a 16.3 percent interest in Libya's Waha concessions, which encompass nearly 13 million gross acres. Net oil production from Libya averaged 45,000 barrels per day in 2009 -- or 2 percent of worldwide output -- down from 47,000 bpd in 2008. MARATHON OIL CORP Marathon has a 16 percent interest in the outside-operated Waha concessions in the Sirte Basin. Its 2009 exploration program included the drilling of four wells, along with five development wells. Net liquid hydrocarbon sales from Libya were 46,000 bpd in 2009, or 19 percent of its total. Marathon said on Tuesday its Waha production was normal. HESS CORP In 2009, Hess produced 22,000 bpd of crude from Libya, or 8 percent of its crude output. At the end of 2009, 23 percent of its proved reserves were in Africa, with Libya making up 11 percent of that. Along with its Oasis Group partners, Hess has operations in Waha, with an interest of 8 percent. Hess also owns all of Area 54 offshore, where it drilled an exploration well in 2008, followed in 2009 by a down-dip appraisal well. OCCIDENTAL PETROLEUM CORP Occidental, the fourth-largest U.S. oil company, earned $243 million in net sales from Libya in 2009, or less than 2 percent of its total. Production increased in 2010, and Oxy has plans to double its output from Libya by 2014. (Compiled by Braden Reddall in San Francisco, with reporting by Anna Driver in Houston; Editing by Lisa Von Ahn) Its NOT just BP......
They have a lot of US stockholders... And everybody goes back to work, when Khadafi is gone. Do you want oil to stay at over $100 a barrel?
As long as production stays steady, no one gives a camel's ass who is running Libya, quite frankly. I believe crude oil prices dropped TODAY, as a matter of fact, following a Saudi promise to make up any losses of supply caused by Libyan unrest: http://www.benzinga.com/11/02/885158/oil-falls-market-bounces-amid-rumors-gadhafi-shot-02-24-2011 The focus was back on oil before the bell on Wall Street after crude bubbled beyond $103 a barrel amid supplies fears due to escalating unrest in North Africa and the Middle East. Yet, prices fell in afternoon trading after the Saudis pledged to pump more supplies and with Reuters reporting unconfirmed rumors that Libyan leader Muammar Gadhafi had been shot. Aggressive selling in crude surfaced after midday and continues late Thursday. April WTI was recently down $2.25 to $95.85 a barrel Read more: http://www.benzinga.com/11/02/88515...-rumors-gadhafi-shot-02-24-2011#ixzz1EvhR0Rvu
He's been meeting on that with Cameron. When the US asks all Americans to get out of Libya, its serious. http://arabnews.com/world/article283685.ece Obama joined the ranks of the international community condemning Qaddafi, who has become almost entirely isolated, as EU leaders called for sanctions and the African Union condemned his actions. His remarks came as the international community seemed to find its voice in pressuring the Libyan leader to step down.
trust me on this....even if all tensions in the middle east stop....eventually prices would rise again.....this is all the fault of Bernacke and his monetizing of the debt....remember that oil is sold in US dollars and the dollar is being debased!
I agree with you and yes KSA can make up the shortfall.... But the danger of this escalating could easily impact the Suez Canal and SUMED. And NOW we have an Iranian frigate sitting coyly off Syria and Bibi huffing that he is going to "beef up Israel military"..
I'm not one of them. I don't care. It's going to destroy the anti domestic drilling Democrats in 2012. I can survive on $600 a month covering all expenses including food.
i hope oil keeps shooting up, hopefully like in the 70s people will take this as a cue to either start using the oil we have or to use nuclear/coal power which we have an infinite supply of.
Alaskan oil production dropped by 6% last year and they only produce 700,000 barrels a day anyway. http://aprn.org/2010/11/03/alaska-oil-production-drops-6-percent/
I was being sarcastic my friend. The piece of $40,000+ crap will go a whole 40 miles before switching to the Gas Engine. Here in So Cal that won't take most folks all the way to work, one way.
