You wouldn’t expect Big Oil to support a leader who threatens nationalization and makes deals involving terrorists.Except oil companies have signed around $50 billion in deals with Muammar el-Qaddafi over the next few decades. A post-Qaddafi regime could reject these deals and worse.
Fortune has a round up of big deals between oil companies and Qaddafi:
- Eni signed a 10-year $28 billion investment deal in 2007, with oil and gas supply contracts through 2047
- BP signed a $900 million production contract in 2007, with exploration rights in a massive offshore field. BP is expected to invest $20 billion over two decades
- Exxon paid $97 million for exploration rights in 2008, with a $72 million signing bonus and $25 million in educational scholarships
All of these deals are worth their weight in oil, and that’s why oil companies don’t want them to be canceled.
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