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Libya Says Wants U.S. Oil Companies Back Mon December 22, 2003 02:54 PM ET ALGIERS (Reuters) - Libya will welcome back U.S. oil companies, eager to return to their abandoned operations, should Washington lift sanctions against it, Libyan Foreign Minister Mohamed Abderrhmane Chalgam told reporters on Monday. Libya hopes its pledge Friday to abandon weapons of mass destruction may lead to the return of the U.S. oil majors that were once responsible for producing around one million barrels per day of its crude. 'The U.S. has oil advantages in Libya,' Chalgam said. 'We will try to convince U.S. oil companies to return. 'We currently produce 1.5 million barrels per day and we aim to increase the oil output to 3.0 million bpd in 2020,' said Chalgam, in Algiers for a North African summit on the Sahara scheduled for Tuesday but postponed due to disagreements between Algeria and Morocco. Convincing U.S. oil companies to return to their lost concessions shouldn't be difficult. Five U.S. oil firms were active in Libya before sanctions on investment in 1986, including Marathon Oil Co. (MRO.N: Quote, Profile, Research) , Amerada Hess (AHC.N: Quote, Profile, Research) and ConocoPhillips (COP.N: Quote, Profile, Research) -- which made up the Oasis Group -- Occidental Petroleum (OXY.N: Quote, Profile, Research) and Grace Petroleum. 'We've made no secret that we would be very interested in returning to Libya if permitted,' said Larry Meriage, spokesman for Occidental
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