Business

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 Express.  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...

Libya’s oil production highest since 2013, NOC chief says

  • 24 September 2018 - 13:27
Libya’s oil production highest since 2013, NOC chief says

Libya’s oil production climbed to the highest since 2013 and can go even higher if security at the nation’s energy facilities can be improved, according to the chairman of the state-run National Oil Corporation. Output was recently 1.278 million barrels a day and can be increased by...