Business

Libya’s state oil firm could suffer production decline over lack of government budget

  • 20 February 2018 - 13:55
Libya’s state oil firm could suffer production decline over lack of government budget

The Libyan National Oil Corporation (NOC) is having difficulties in receiving the necessary budget money from the government, the Chairman of the NOC, Mustafa Sanallah, said on Monday. “This could reduce production. The entire sector is suffering from these problems because of delays in the...

Libya’s NOC issues arrest warrants of oil smugglers

  • 13 February 2018 - 17:17
Libya’s NOC issues arrest warrants of oil smugglers

  The Libyan National Oil Corporation (NOC) on Monday confirmed that arrest warrants have been issued by the Attorney General against fuel smugglers in western Libya.   “NOC commends the Attorney General’s decision to issue arrest warrants against over 144 smugglers...

Libya’s oil production in last January highest in five years, report

  • 11 February 2018 - 13:15
Libya’s oil production in last January highest in five years, report

  Libya’s oil production averaged more than 1 million bpd in January, for the first time topping the million-bpd-mark for a full month since July 2013, data provider Genscape has estimated.   Last month Libya produced 1.083 million bpd of crude oil, and 1.133 million of...

Libyan Tripoli-based CBL says Libya is witnessing thorough economic reform

  • 5 February 2018 - 20:31
Libyan Tripoli-based CBL says Libya is witnessing thorough economic reform

The Tripoli-based Central Bank of Libya (CBL) has issued a statement detailing the results of the latest efforts it had done to regain the value of Libyan dinar and to boost the country's economy.   The CBL assured all Libyans that prices of goods and foods are on the...

Tripoli CBL governor challenges Parliament appointment, says will remain in post

  • 31 January 2018 - 15:44
Tripoli CBL governor challenges Parliament appointment, says will remain in post

  The Governor of the Tripoli-based Central Bank of Libya, Al-Siddiq Al-Kabir said he will remain in office and continue doing economic reforms in the country.   Sl-Kabir, in a meeting in Morocco's Marrakesh city in a conference for the International Monetary Fund, added that...

Libya’s NOC says oil production remain under many budget constraints

  • 30 January 2018 - 18:34
Libya’s NOC says oil production remain under many budget constraints

  Libya’s ability to rebuild its oil output will be hindered by ongoing constraints on National Oil Corporation’s (NOC) budget, Chairman of NOC, Mustafa Sanallah explained.   Sanallah said Tuesday that NOC received only 50 percent of its capital expenditure budget...

Libya CBL Governor took oath of office before Tobruk’s parliament

  • 29 January 2018 - 17:55
Libya CBL Governor took oath of office before Tobruk’s parliament

The newly-elected governor of Libya's Central Bank Mohamed Al-Shoukri took the oath of office on Monday before the Libyan Tobruk-based House of Representatives (HoR). "The new governor of the Central Bank Mohammed Al-Shoukri was sworn in before the Parliament. Thus, he has full legal powers to...

Libya to diversify sources of national revenue

  • 28 January 2018 - 12:41
Libya to diversify sources of national revenue

  The Libyan authorities said on Saturday that it is seeking to diversify sources of national income now based entirely on oil.   Libya "seeks to benefit from financial revenues of exports, in order to reduce the total independence on oil as the main source of income for the...

Libya’s oil recovery helped oil prices soar to new highs

  • 23 January 2018 - 17:50
Libya’s oil recovery helped oil prices soar to new highs

Libya’s crude oil production has risen 400% since August 2016 as the country plans to increase its oil production in 2018 despite production cuts. Market Realist reported that any increase in Libya’s crude oil production could weigh on oil (BNO) (USO) prices. This comes as the National...

Libya’s state oil firm reopens 50.000 bpd oilfield

  • 21 January 2018 - 18:58
Libya’s state oil firm reopens 50.000 bpd oilfield

The Libyan National Oil Corporation (NOC) announced on Sunday reopening the eastern Assarah oilfields, which produce more than 50,000 barrels per day (bpd) but had been shut in by a blockade since last November. According to sources reported by Reuters, two wells started pumping on Sunday and...