Meanwhile, three US oil majors are set to resume oil and gas production in Libya after a two-decade absence from a country that was once seen as a pariah state but is now flush with Western investment.
ConocoPhillips, Marathon Oil and Amerada Hess said late on Thursday that they had signed an agreement to return to their former energy fields in Libya, after abandoning the country when US sanctions were imposed in 1986.
State-run Libyan National Oil Corp will hold 59.16 percent of a joint venture in Libya's Waha concessions, ConocoPhillips and Marathon Oil will each hold 16.33 percent, and Amerada Hess will hold 8.16 percent.
"We are pleased to be resuming our long and productive partnership with the people and the state of Libya in this strategic asset," said Jim Mulva, chief executive of ConocoPhillips, the biggest of the three firms.
"This agreement provides a strong basis for us to invest in our aligned goals for increased reserves and production, and in the training and development of our Libyan workforce," he said in a statement.
The concessions produce about 350,000 barrels of oil per day and encompass almost 5.3 million hectares in the Sirte Basin, which the US companies said "contains sizeable undeveloped oil and gas resources."
The trio agreed to pay US$1.3 billion to restart their participation. The payment extends the terms of the concessions for 25 years, to 2031-2034. They also paid US$530 million to regain access to frozen assets in Libya.
ConocoPhillips said it expected to add about 45,000 net barrels of oil per day to its global production after re-entering Libya.
Marathon targeted an extra 40,000 to 45,000 barrels per day, and Amerada Hess about 20,000 to 25,000.
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