Business

Libya’s GNA Premier to attend OPEC/Non-OPEC meeting Friday

  • 20 September 2017 - 10:09
Libya’s GNA Premier to attend OPEC/Non-OPEC meeting Friday

Nigeria's oil minister and the head of Libya's state oil company are likely to attend a joint meeting between OPEC and non-OPEC nations on Friday, two OPEC sources said, to discuss the progress of their deal to limit output. Both countries are exempt from an OPEC-led deal to cut output and their...

Sharara oilfield producing 180.000 bpd after closure

  • 14 September 2017 - 21:30
Sharara oilfield producing 180.000 bpd after closure

Libya’s Sharara oilfield is producing about 180,000 barrels per day (bpd), 100,000 bpd below recent levels, as it is held back by security problems, two workers at the field said on Thursday, Reuters reported. They said a facility about 40 kilometres (25 miles) west of the field was shut...

NOC: Shutdown of Mellita pipeline lost Libya $2.17 million

  • 11 September 2017 - 22:08
NOC: Shutdown of Mellita pipeline lost Libya $2.17 million

The shutdown of Mellita oil pipeline for about 30 hours by armed groups last week led to the loss of 2.17 million dollars, the National Oil Corporation said in a statement on Monday. "The closure of the pipeline led to a drop in Al-Wafaa oilfield's production and affected local as well as...

Libya’s key oilfield Sharara resumes production

  • 6 September 2017 - 15:19
Libya’s key oilfield Sharara resumes production

Libya’s largest oil field resumed production after a halt of more than two weeks, putting pressure on OPEC and other producers seeking to rein in a global supply glut and firm up prices. Libyan authorities reopened a valve on the pipeline from the southwestern Sharara field to the Zawiya...

From South Korea, Mitig urges Korean firms to resume work in Libya

  • 5 September 2017 - 22:43
From South Korea, Mitig urges Korean firms to resume work in Libya

The government of Libya spurring the reconstruction of the country after the civil war requested Korean builders to resume construction work in Libya as soon as possible. Libyan Deputy Prime Minister Ahmed Omar Maiteeq attended the Global Infrastructure Cooperation Conference (GICC) held by the...

Foreign workers at Libya’s Sharara oilfield evacuated for fear of hostilities

  • 5 September 2017 - 10:30
Foreign workers at Libya’s Sharara oilfield evacuated for fear of hostilities

Foreign workers at Libya's Sharara oil field, which is currently shut, have been temporarily evacuated because of unspecified information about activity nearby, an engineer at the field said on Monday, Reuters reported. Sixteen workers from countries including Spain, France, the Philippines and...

OPEC invites Libya for the September meeting on oil production cuts

  • 4 September 2017 - 22:37
OPEC invites Libya for the September meeting on oil production cuts

Libya and Nigeria, the two OPEC members exempt from the current oil production cut deal, have been invited to participate in the producer group's latest ministerial committee meeting September 22. The two countries have been asked to attend the meeting in Vienna to identify the latest...

Libya’s Al-Zawiya oil refinery operating in half capacity

  • 29 August 2017 - 10:29
Libya’s Al-Zawiya oil refinery operating in half capacity

Libya’s Al-Zawiya oil refinery, which is the largest operating plant in the country, was working at only half its capacity due to the shutdown at the Sharara oilfield, a source at the refinery told Reuters on Monday. The Al-Zawiya oil refinery produces 120,000 barrels per day (bpd), and it is...

Libya’s oil production at stake as three key oilfields shut down by protesters

  • 28 August 2017 - 09:54
Libya’s oil production at stake as three key oilfields shut down by protesters

Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production. El Feel, or Elephant, stopped production, Wessam Al-Messmari, an office manager for the Petroleum Facilities Guard that...

Sharara oil field, Libya’s biggest, closed by armed brigade

  • 27 August 2017 - 13:16
Sharara oil field, Libya’s biggest, closed by armed brigade

 A local Libyan brigade has closed down two valves on a pipeline to Sharara oilfield, the country’s largest, to make demands for more fuel supplies and better economic conditions for the Zintan region, a source in Zintan said on Sunday. Sharara, which was producing around 280,000...