Houston oil companies return to Libya in venture [View All]

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Houston-based ConocoPhillips and Marathon Oil, along with New York-based Amerada Hess, have reached an agreement with the Libyan National Oil Corp. that will allow them to restart their oil and natural gas operations in the prolific Waha field.

The concessions agreement is a highly-anticipated return for the old Oasis members to the African nation, which is a member of the Organization of the Petroleum Exporting Countries.

Marathon CEO Clarence Cazalot called this "a historic day for Marathon and our partners."
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ConocoPhillips and Marathon each will hold a 16.33 percent interest in the concessions. Amerada Hess will hold an 8.16 percent interest. The Libyan National Oil Corp. will hold the remaining 59.16 percent stake.

http://www.chron.com/disp/story.mpl/front/3554730.html