"After the last decade's tough times of these sanctions, we have a lot of homework to do, upstream, mid-stream and downstream," Hassan-Beck said.
"We expect in the first quarter of next year to start a big competition for upstream contracting, on an open bid approach, with a legal document that will be a lot more flexible than the previous ones," he said.
The United Nations lifted minor sanctions against Libya in September after a deal between Tripoli and families of victims of the 1988 bombing of Pan Am flight 103 over Lockerbie in Scotland. But U.S. sanctions dating from 1982 and strengthened in 1986, which ban the import of Libyan crude oil, as well as direct trade and commercial contracts with the country, still remain, and continue to keep U.S. firms out of Libya.
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