Royal Dutch/Shell Signs Deal With Libya
Royal Dutch/Shell Group signed a $200-million accord to explore for oil and natural gas in Libya, a British official said, a plan that would give the oil company access to new supplies near European markets.
The agreement has a potential value of $1 billion. Shell, based in London and The Hague, wants to find new deposits after lowering estimates of its reserves twice this year, leading to a U.S. Securities and Exchange Commission investigation.
Libya, once branded as a sponsor of terrorism by the U.S., is improving relations with the rest of the world after Libyan leader Moammar Kadafi’s decision to halt a nuclear-weapons program.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
