ExxonMobil Corp. (XOM) isn't worried about recent threats to nationalize the Libyan oil industry and could even start drilling there this year, a company executive said Monday.
Libyan leader Moammar Gadhafi recently said the country's foreign-owned oil assets should be given to the state and Saturday called for the country's oil wealth to be given directly to its 5 million people.
Speaking on the side of an industry conference, Russell Bellis, ExxonMobil's exploration director for Europe, Russia and North Africa said he had "no concerns" over the threat.
He also said drilling "could be as early as this year" in oil and gas exploration blocks the company holds in the country.
Asked about a scheme to export gas from its Russian Sakhalin project, Bellis said: "We continue to talk to Gazprom (GAZP.RS) about the potential for export.
"It is in the interest of Russia to maximize value," he said, adding ExxonMobil is "already selling locally."
Regarding ExxonMobil's participation to Iraq's most recent licensing round, Bellis said: "We are a qualified company. We are assessing our participation."