Business

Libya expects to be exempted from future OPEC cuts, NOC’s Chairman says

  • 19 November 2018 - 22:24
Libya expects to be exempted from future OPEC cuts, NOC’s Chairman says

Libya’s National Oil Corporation (NOC) Chairman, Mustafa Sanallah expects OPEC and allied producers to exempt the country from any future cuts in crude output. “The OPEC community has understood the difficulties we face –- Libya has withheld more than any other country from the global...

Libya hopes to reach 2 million oil bpd by 2022, NOC chairman says

  • 15 November 2018 - 20:41
Libya hopes to reach 2 million oil bpd by 2022, NOC chairman says

Libya hopes to receive an exemption from possible production curbs by Opec and allies, as it works to raise its own output capacity levels to two million barrels per day by 2022, the head of the country’s state producer said. "Opec and non-Opec [producers] for the last two years understood...

Disappearance of Libya’s frozen assets in Belgium: Official passiveness

  • 13 November 2018 - 21:57
Disappearance of Libya’s frozen assets in Belgium: Official passiveness

A Belgian investigation is underway into the billions of euros missing from Belgian banks that belonged to the Libya’s Muammar Gaddafi. This investigation comes following the accusations that Belgium authorities were paying out interest and dividends on frozen Libyan bank accounts. Belgium...

UN Sanctions Committee says committed to preventing illicit oil sales from Libya

  • 4 November 2018 - 20:40
UN Sanctions Committee says committed to preventing illicit oil sales from Libya

The chairman of the United Nations Security Council (UNSC) Libyan Sanctions Committee, Olof Skoog, has confirmed the UN’s commitment to the prevention and halt of the illegal export and sale of Libyan crude and refined products outside of existing legal frameworks. Parties also discussed the...

Libya’s oil production experiences new hike over reopening oilfields

  • 1 November 2018 - 10:47
Libya’s oil production experiences new hike over reopening oilfields

Libya has restarted three small oil fields and added around 10,000 bpd to its oil production—which has been steadily rising over the past two months—a spokesman for Libya’s National Oil Corporation (NOC) told Reuters on Wednesday. Late on Tuesday, Libya restarted the al-Bayda oil field, an...

Libya reopens Al-Bayda oilfield

  • 31 October 2018 - 11:31
Libya reopens Al-Bayda oilfield

 Libya has restarted the eastern al-Bayda oilfield, a field engineer said late on Tuesday, the latest operation in the so-called Oil Crescent region to resume work after heavy fighting in June. The field has a current capacity of about 12,400 barrels a day, the engineer said, showing pictures...

Sanallah asks central bank to add 67% raise to oil workers’ salaries

  • 30 October 2018 - 19:11
Sanallah asks central bank to add 67% raise to oil workers’ salaries

The chairman of Libya's state oil firm National Oil Corp (NOC) has asked the central bank to increase salaries of oil workers by 67 percent in 2019, a statement said on Tuesday. The North African country approved in 2013 such a pay rise which was never implemented as Libya's chaos accelerated then...

BP says to start oil exploration in Libya at beginning of 2019

  • 25 October 2018 - 12:30
BP says to start oil exploration in Libya at beginning of 2019

 British Petroleum (BP) expects to begin exploration with Italian oil major Eni in Libya in the first quarter of next year, CEO Bob Dudley told Reuters on Thursday. “I’m not sure about this year since it takes time to set up offshore rigs but Q1 for sure,” Dudley said on the sidelines of...

BP, Eni to start exploratory drilling in Libya in first quarter of 2019

  • 15 October 2018 - 21:07
BP, Eni to start exploratory drilling in Libya in first quarter of 2019

British Petroleum and its Italian partner Eni are expected to start exploratory drilling in Libya early in the first quarter of 2019, according to the chairman of the country's National Oil Company Mustafa Sanallah. "The first well will be drilled at the beginning of the first quarter," Mustafa...

Libya’s state oil firm to close Al-Zawiya refinery if security violations continue

  • 14 October 2018 - 21:00
Libya’s state oil firm to close Al-Zawiya refinery if security violations continue

Libya’s National Oil Corporation (NOC) warned on Sunday that it would suspend operations at Al-Zawiya refinery unless security improved after two recent attacks. The refinery west of the capital Tripoli supplies western and southern Libya with fuel. Its port also exports crude from the...