Business

Libya’s state oil firm suspends natural gas supply to LifeCo over debts

  • 26 January 2019 - 12:38
Libya’s state oil firm suspends natural gas supply to LifeCo over debts

The Libyan National Oil Corporation (NOC) confirmed Friday the suspension of natural gas supply to the Libyan Norwegian Fertiliser Company (LifeCo) pending settlement of unpaid debts.   The NOC said in a statement on its website that its management had attempted to resolve the issue...

Libya’s Central Bank says deficit lowered to 4.6 billion dinars by end of 2018

  • 15 January 2019 - 13:11
Libya’s Central Bank says deficit lowered to 4.6 billion dinars by end of 2018

Libya’s budget deficit was narrowed to 4.6 billion dinars ($3.32 billion dollars) in 2018 down from 10.6 billion dinars in 2017 thanks to a rise in oil revenues, the central bank said on Monday. Libya’s oil revenues stood at 24.5 billion dollars in 2018, up 78 percent from the previous year,...

Swiss Glencore loses exclusive rights to major Libyan oil grades

  • 10 January 2019 - 17:00
Swiss Glencore loses exclusive rights to major Libyan oil grades

Reuters reported on Thursday that the Swiss trading and mining giant Glencore (GLEN.L) had lost its exclusive marketing rights for two of Libya’s main crude oil export grades after holding them since late 2015, citing trading sources with direct knowledge with the matter. The Switzerland-based...

Libya’s oil revenue highest in five years reaching over $24 billion

  • 7 January 2019 - 20:58
Libya’s oil revenue highest in five years reaching over $24 billion

The National Oil Corporation (NOC) recorded an average production of 1.107 million barrels per day in 2018 and total revenues of 24.4 billion USD – a five year high and 78% year-on-year increase. NOC chairman, Eng. Mustafa Sanalla presented the 2018 financial data and NOC subsidiary plans...

Libya aims to raise oil output to 2.1 million bpd, Sanallah says

  • 6 January 2019 - 18:36
Libya aims to raise oil output to 2.1 million bpd, Sanallah says

Libya aims to increase its oil production to 2.1 million barrels per day (bpd) from 953,000 bpd currently, the chairman of the state oil company NOC said on Sunday in Benghazi. Reaching that target hinges on improving security conditions in the country, Mustafa Sanallah said at a news...

Bad weather halts Libya’s oil exports

  • 5 January 2019 - 13:22
Bad weather halts Libya’s oil exports

Libya’s oil exports have been suspended as bad weather conditions forced the OPEC country to shut all its export terminals, a local shipping agent and a Libyan oil source told Reuters on Thursday. The agent said adverse weather conditions began to impact loadings from Libyan ports in the...

NOC warns Libya could lose 8500 bpd at Sharara oilfield to looting

  • 3 January 2019 - 12:49
NOC warns Libya could lose 8500 bpd at Sharara oilfield to looting

Libya’s closed Sharara oilfield is expected to lose 8,500 barrels per day to looting, state oil company National Oil Corporation (NOC) said on Thursday. Three security breaches and looting have taken place at the 315,000 bpd field over two weeks, NOC said, reiterating its calls for the...

NOC: Sharara oilfield is under new security violations

  • 1 January 2019 - 16:58
NOC: Sharara oilfield is under new security violations

Libya's Sharara oil field - NOC The National Oil Corporation (NOC) confirmed an overnight security breach at the Sharara oil field.   The NOC said that in the early hours of Monday, December 31, 2018, an armed group attacked a member of the site’s civil guard, physically...

Dollar exchange rates drop sharply against Libyan dinar

  • 25 December 2018 - 20:44
Dollar exchange rates drop sharply against Libyan dinar

The exchange rates of foreign currencies in the Libyan black market fell sharply on Tuesday hours after the terrorist attack on the Libyan Foreign Ministry. The black market saw the dollar fall into $1 to LYD4.27 after closing on Monday at LYD4.58 and closing last week at LYD4.70. The US dollar...

Libya’s Sharara oilfield to reopen after protesters agree with government

  • 20 December 2018 - 14:54
Libya’s Sharara oilfield to reopen after protesters agree with government

The Fezzan rage Movement protesters agreed with the Head of the Presidential Council Fayez Al-Sirraj on Wednesday to immediately reopen the largest oil field in the country, Sharara, after Al-Sirraj had paid them a visit and promised to materialize their demands.  Al-Sirraj and a government...

Libya’s state oil firm declares force majeure on Sharara oilfield

  • 18 December 2018 - 15:05
Libya’s state oil firm declares force majeure on Sharara oilfield

Libya’s National Oil Company (NOC) has declared force majeure on operations at the country’s largest oilfield, Sharara, a week after the firm announced a contractual waiver on exports from the field following its seizure by militants. Exports from the smaller El Feel oilfield were continuing,...

Oil prices rise over Libya exports’ cuts

  • 12 December 2018 - 18:42
Oil prices rise over Libya exports’ cuts

Oil prices rose on Wednesday, supported by a report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. U.S. commercial crude inventories fell by 1.2 million barrels in the week through Dec. 7, the U.S. Energy Information Administration reported....

Libya’s state oil firm declared force majeure at Sharara oilfield

  • 10 December 2018 - 19:56
Libya’s state oil firm declared force majeure at Sharara oilfield

Libya’s National Oil Company (NOC) said on Monday it had declared force majeure on exports from Sharara oilfield - Libya's largest - after the facility was seized by local protesters identifying themselves as Fezzan Rage Movement. NOC said in a statement the shutdown of its biggest oilfield...

Libya’s Sharara oilfield closed by Fezzan Rage Movement protesters

  • 8 December 2018 - 16:50
Libya’s Sharara oilfield closed by Fezzan Rage Movement protesters

The Libyan biggest oilfield, Sharara, has been shut down by a number of protesters from the Fezzan Rage Movement, the movement said on is social media pages. The movement said the shutdown also included El Feel oilfield. The closure is because of the inaction of the National Oil cooperation and...

Qatar to pull out of OPEC by next January

  • 3 December 2018 - 11:40
Qatar to pull out of OPEC by next January

Qatar announced on Monday it would withdraw from OPEC, mixing its aspirations to increase production outside of the cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha. The surprise announcement from Qatar’s minister of state for...

Libya’s oil terminals resume exports after brief closure over bad weather

  • 2 December 2018 - 16:17
Libya’s oil terminals resume exports after brief closure over bad weather

Four Libyan oil export ports that were closed last week because of bad weather have reopened, a Libyan shipping source and port engineers told Reuters on Sunday. Tankers were docking at the eastern Ras Lanuf, Es Sider, Zueitina and Brega ports as well as the western Zawiya terminal linked to the...

Libya’s oil output falls by 150.000 bpd, NOC says

  • 1 December 2018 - 14:02
Libya’s oil output falls by 150.000 bpd, NOC says

The Libyan National Oil Corporation (NOC) said Friday that operations at four oil terminals in the country had been temporarily halted due to bad weather conditions. “Ras Lanuf, Zueitina, Zawiya and Es Sider terminals have all been temporarily shut due to persistent bad weather,” the NOC said...

Libya’s oil exports to China doubled since last year

  • 29 November 2018 - 23:11
Libya’s oil exports to China doubled since last year

Libya’s oil exports to China this year, totalling $3.5 billion so far, are already more than double last year’s, Libya’s National Oil Corporation (NOC) said on Thursday. NOC Chairman Mustafa Sanallah said during a meeting with China’s Chargé d’Affaires in Libya that he was “rightly...

Oil Libya makes a re-brand into OLA Energy in Kenya

  • 28 November 2018 - 15:31
Oil Libya makes a re-brand into OLA Energy in Kenya

Libya Oil Kenya Limited unveiled a new visual identity Wednesday, under the brand OLA Energy, the new brand for its extensive network of retail outlets and petroleum products, Capital Business reported.  “This new brand captures the essence of our company as a modern energy player across our...

Algeria’s state oil firm abandons Libya drilling work

  • 27 November 2018 - 13:29
Algeria’s state oil firm abandons Libya drilling work

Algeria’s state oil and gas company has pulled out of Libya citing deteriorating security conditions. Sonatrach said it had first evacuated its personnel from Libya and then transported production equipment across the border. Algeria's Sonatrach had partnered with the Libyan National...