US companies win Libya licences

The first open licence auction in Libya has ended, with US companies awarded the majority of contracts.

It will mean the return to oil prospecting in Libya - the source of Africa’s richest oil deposits - by companies, such as Occidental and Chevron Texaco, for the first time in over 20 years.

Surprisingly, no European companies won any of the first round of contracts, while companies from Canada, Australia, and India, succeeded. However, a second round of contracts will be offered next month.