Three Oil Companies to Return to Libya

From Bloomberg News

ConocoPhillips, Marathon Oil Corp. and Amerada Hess Corp. reached an agreement with Libyan National Oil Corp. and will return to the North African country after a 19-year absence.

The companies will return to their former oil exploration and production interests in the Waha concession under terms similar to ones in effect when the group’s contract was suspended in 1986.

The three will pay $1.3 billion to Libya’s national oil company as the country seeks to boost its output and capitalize on rising oil prices.