Libya Oil Market

By: Associated Press
By: Associated Press

The Bush administration's hint about improving economic ties with Libya already has a couple of Texas oil companies interested.

Executives of Conoco-Phillips and Marathon Oil are already making plans to take advantage of a possible end to an embargo with Libya.

Company representatives haven't visited Libya since 1986, when President Reagan imposed sanctions because of alleged terrorist activity.

But company officials say that could change. The administration hints came as Libya agreed to dispose of its weapons of mass destruction and open the door to inspections.

The companies, along with New York City-based Amerada Hess, once produced about 850,000 barrels of oil a day in Libya.

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