As the world saw the events unfold in Libya with foreign workers evacuating the country and rebel forces bringing down Muammar Gaddafi’s Libyan government, many wondered on the extent of the disruption that the conflict would have on those who for the past years had entered into contracts to explore, refine and export crude oil to other parts of the world.
Libya, situated in the Mediterranean Sea and with the largest oil reserves in Africa, presents a very lucrative opportunity for oil companies. As many experts have commented, the lure in investing in this country in the Maghreb region has for long been hindered by the numerous sanctions on Libya by the international community as well as the several fees, taxes and conditions imposed by the former Libyan regime.
