ILSA Extension Act of 2001

ILSA Extension Act of 2001 - Amends the Iran and Libya Sanctions Act of 1996 (ILSA) to extend it for another five-year period. Lowers from $40 million to $20 million the threshold amount a foreign person's or entity's knowing investment in Libya's ability to develop its petroleum resources must reach before the President is required to impose two or more specified economic and trade sanctions.

Mandates that any amendment or other modification made on or after June 13, 2001, to existing (pre-ILSA) agreements or contracts for the development of Libya's petroleum resources be considered new investment for purposes of the imposition of sanctions (the same trigger threshold amount for investment in Iranian energy resources).