Business

Libya’s cash shortage crisis to end by early 2019, official says

  • 21 November 2018 - 18:26
Libya’s cash shortage crisis to end by early 2019, official says

The deputy head of the Presidential Council, Ahmed Meiteeg, Libya expects to end a long-running liquidity crisis by early 2019 as a foreign currency tax helps the official and black market exchange rates converge at less than 3 dinars to the dollar. Asked when the liquidity situation in the...

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...

Bank clerks intentionally delaying kickoff of Libya’s economic reforms

  • 13 October 2018 - 22:30
Bank clerks intentionally delaying kickoff of Libya’s economic reforms

Driven by personal ends and for their own benefits, employees at Libya's banks are now delaying the implementation of the economic reforms approved over a month ago by the Central Bank of Libya and the Presidential Council, a Libyan economist told the Libyan News.  The sources, who preferred...

Libya, UAE to cooperate in oil sector

  • 11 October 2018 - 16:41
Libya, UAE to cooperate in oil sector

The Libyan National Oil Corporation (NOC) chairman  Mustafa Sanallah met with His Excellency Dr Sultan Ahmed Al Jaber, United Arab Emirates Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC) in London yesterday. The two parties discussed mutual cooperation and the...

Libya’s Sharara oilfield insecurity drops country’s output

  • 10 October 2018 - 16:01
Libya’s Sharara oilfield insecurity drops country’s output

Libya's crude oil output has dipped again due to the deteriorating security situation around its largest oil field, Sharara, sources said Tuesday. Sources with knowledge of Libya's production said an increase in local militia activity in the past week led to some oil workers evacuating fields....

Italian and British oil firms Eni & BP agree with NOC to resume exploration

  • 8 October 2018 - 20:49
Italian and British oil firms Eni & BP agree with NOC to resume exploration

Libya’s National Oil Corporation, BP and Eni today signed an agreement expected to lead to Eni and BP working together to resume exploration activities on a major exploration and production contract in Libya. A letter of intent (LOI) was signed in London by National Oil Corporation chairman...

Eni to acquire 42.5% of BP’s stake in Libya

  • 8 October 2018 - 18:30
Eni to acquire 42.5% of BP’s stake in Libya

Italy’s ENI (ENI.MI) is set to acquire a 42.5 percent stake in BP’s (BP.L) Libya acreage, according to a statement on Monday. The two companies, along with state-owned National Oil Corp, signed a letter of intent in London on Monday paving the way for the final deal, Reuters...

9% of fuel sold in Italy’s petrol stations is smuggled from Libya, report says

  • 6 October 2018 - 21:03
9% of fuel sold in Italy’s petrol stations is smuggled from Libya, report says

The National Oil Corporation's (NOC) current target is petrol smuggling, reported Petroleum Economist on Friday. "The extent of Libya's fuel smuggling was laid bare in September by a report by the UN Panel of Experts. Lacking refinery capacity, Libya spends $3.3bn a year importing petrol and...

Russia and Libya discuss oil exploration work

  • 6 October 2018 - 17:10
Russia and Libya discuss oil exploration work

The CEO of the Russian exploration company Rosgeologia (Rosgeo), Roman Panov, discussed with Mustafa Sanallah, the head of the Libyan National Oil Corporation (NOC), the conduction of exploration works in Libya, the Russian company said in a statement on Friday. "During the meeting the parties...

Libya’s state oil firm delays Benghazi conference over attack on its Tripoli HQ

  • 4 October 2018 - 17:20
Libya’s state oil firm delays Benghazi conference over attack on its Tripoli HQ

Libya’s state oil company National Oil Corp (NOC) said on Wednesday it had postponed a conference in the eastern city of Benghazi for 15 days following an attack on its Tripoli headquarters last month. The three-day conference, to be held in Libya’s second-largest city, is aimed at allowing...

Libya’s NOC dismisses Audit Bureau report as false

  • 3 October 2018 - 21:46
Libya’s NOC dismisses Audit Bureau report as false

National Oil Corporation (NOC) has today issued its official response to the false claims made in a report by the Audit Bureau (AB) regarding its operations and staff.  The corporation expressed surprise and frustration at the report’s inaccuracy, releasing a 51-page rebuttal letter to the AB...