Libya is one of the few regions in the world with large potential oil and gas reserves not yet exploited. Oxy is playing a key role in the ongoing U.S. effort to promote commerce and trade with Libya.
Oxy was the first American company to resume oil operations in Libya when U.S. sanctions were lifted in 2005. Oxy reentered its original producing areas after a 19-year absence and is applying advanced technologies to enhance production.
Libya has announced its intention to increase total production from 1.6 million barrels of oil equivalent per day to 3 million BOE per day by the year 2010. Oxy expects to play a significant role in helping Libya achieve its production increase.
In 2008, Oxy reached new 30-year agreements with Libya to redevelop and explore in its most prolific producing area, the Sirte Basin. Oxy also is a leading holder of exploration acreage in Libya.