Under the desert, investors are hoping to strike black gold
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Libya is moving ahead with plans to modernise its oil industry, holding talks with representatives from global companies in Tripoli on Sunday.
The country, which has recently mended international ties and has significant untapped oil reserves, is offering exploration rights on 15 sites.
Press reports estimate that as many as 20 international firms, including some from the US, took part in the meeting.
Further meetings are scheduled for London on 15 September, AFP reported.
Among the London attendees will be Anglo-Dutch oil giant Shell, which established an office in Tripoli in 2001 and signed heads of agreement to lay out the principles for doing business in Libya earlier this year.
Change of heart
On Sunday, Libya laid out the terms of its tender process.
Bids for six offshore and nine onshore blocs have to be submitted by 10 January 2005. The winning bidders must enter production-sharing agreements with Libya's National Oil Corporation.
The move may mark a change in fortune for Libya as well as providing a new market for the oil companies involved.
Libyan leader Muammar Gaddafi has managed to bring his country back into the international fold after years of seclusion and sanctions
The North African nation was dramatically rehabilitated late last year after it publicly ditched its weapons of mass destruction programme, and declared a stockpile of chemical weapons to UN inspectors.
UK prime minister Tony Blair visited Tripoli in April 2004. Mr Blair has claimed Libya's change of heart as a victory for British diplomacy.
Trade hopes
The US resumed relations with Libya, and began buying Libyan oil again, in June 2004.
For some of the firms, it is thought to be the first time they have officially been invited to the country since the lifting of sanctions.
The reports did not specify which firms attended the meeting.
BP said it was monitoring the situation.
Drilling rig supplier Abbot Group said it would be focusing on Libya as it unveiled its interim results on Monday. The UK-based company already operates rigs in Libya.