International highlights.(Amerada Hess Corp., ConocoPhillips, Marathon Oil Co.)

Publication: Oil and Gas Investor

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COPYRIGHT 2006 Hart Publications, Inc.

After nearly two decades, the three U.S. oil firms at form the Oasis group have returned to Libya. after last-minute concessions, Amerada Hess, ConocoPhillips and Marathon Oil have sent workers back to the North African state to resume work on operations they were forced to abandon when the U.S. imposed sanctions in 1986.

The firms have agreed to pay the Libyan government a reentry fee of $1.3 billion to extend their concessions in Waha Field by 25 years. They also will contribute $530 million for unamortized investments made since 1986 that were agreed on as part of a standstill agreement to hold the assets in escrow for the consortium.

Marathon said it expects to add more than 160 million barrels of oil equivalent to its proved reserves as a result of the Libyan operations. The Houston company also projected an additional 40,000 to 45,000 net barrels per day in 2006 from its stake in the concession. ConocoPhillips and Marathon each hold a 16.3% stake interest in the concessions while Hess holds 8.2%, and the Libyan National Oil Corp. holds the additional 59.2%.

--Hart's E&P

1 Trinidad and Tobago

BG Group, lead partner in Atlantic LHG, has produced first commercial liquefied natural gas (LNG) at Train 4 at Port Fortin on the island of Trinidad. The new plant will put out 5.2 million metric tons a year, making it...

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