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For decades, many European companies had enjoyed deals that granted them half of the high-quality oil produced in Libyan fields. Some major oil companies hoped the country would open further to investment after sanctions from Washington were lifted in 2004, and U.S. giants re-entered the North African nation.
But in the years that followed, the Gadhafi regime renegotiated the companies’ share of oil from each field to as low as 12%, from about 50%.
Just after the fall of the regime, several foreign oil companies expressed hopes of better terms on existing deals or attractive ones for future contracts.... Oil companies were also frustrated that Libya’s state-owned oil company “stipulated that foreign companies had to hire Libyans for top jobs.”
