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Oil and politics – Libya’s risky business

The swift resumption and return to pre-war levels of oil production will be crucial to the success of a new Libya. A transparent oil and gas framework is vital

SINCE conflict in Libya erupted in February, oil companies with stakes in the country have faced great uncertainty over the future of its oil industry. There remain serious concerns over Libya’s production capacity and how contracts will be awarded and executed in future. The National Transitional Council (NTC) has tried to allay fears regarding how swiftly the country can return to pre-war output of 1.6 million barrels a day (b/d) – recently claiming this is achievable within 14 months. UN Security Council sanctions banned oil exports in order to choke the flow of finance to the Qadhafi regime; while the evacuation of oil workers by foreign companies shut down the energy sector almost enti

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