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tdp2664 InvestorPlace ExxonMobil's (NYSE: XOM ) luck — and that of several other big players in oil — in Libya might be changing now that dictator Moammar Gadhafi’s rule seemingly is at an end. Many western oil companies have waited for decades to see a payoff from their investments in Libya, which has the world's ninth-largest oil reserves and Africa's largest. Libya nationalized Western oil interests after Gadhafi seized power in 1969. At that time, Libya was producing more crude than Saudi Arabia. The Libyan oil industry was decimated by decades of economic sanctions that were removed a few years ago when Gadhafi renounced terrorism. Billions of dollars have flowed into the country from international oil companies in recent years. Ending the civil war in Libya would be especially good news for Europe, which imports about 85% of Libya’s oil. Some countries, including cash-strapped Italy, Spain and Ireland, are dependent on Libyan oil. Shares of Italian oil producer Eni (NYSE: E ), the leading producer in prewar Libya,
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