The Mudcat Café TM
Thread #140976   Message #3245364
Posted By: Ed T
26-Oct-11 - 09:49 PM
Thread Name: Obit: Moammar Ghadaffi (1942-2011)
Subject: RE: Obit: Moammar Ghadaffi (1942-2011)
In the early "oil days" Bunker Hunt acquired two libyan oil leases tracts #2 and #65. Because he was in poor financial shape, due to drilling dry wells in Pakistan, he sold a half the interest in tract #65 to BP.

In 1961 the largest oilfield in Africa (to that date) was discovered on tract #65. Bunker's half interest in that tract was valued at about $7 billion dollars, making him the richest private individual in the world at age 35.

Ghadaffi's coup resulted in oil companies paying a 51 percent royality. Libya, under Ghadaffi, was the first oil producing country to take on "big oil" and win concessions. This was instrumental in the formation of OPEC, and the high oil prices we have today.

So, does one suspect the oil crowd was/is sorry to see Ghadaffi go? I suspect they even chipped in a few gold and silver bars somewhere on the sly, to make it happen. It's my conspiracy theory, anyway.:)