Business

Libya’s NOC lifts force majeure on El Feel oilfield, expects production to reach 72.000 bpd

  • 12 July 2018 - 20:42
Libya’s NOC lifts force majeure on El Feel oilfield, expects production to reach 72.000 bpd

Libya’s National Oil Corporation (NOC) said on Thursday that it was reopening the El Feel oilfield after resolving a dispute with guards over pay and benefits that shut it down in February. Production at El Feel was expected to reach 50,000 bpd in two days, and 72,000 bpd three days later, NOC...

Oil prices drop after Libya announced oil exports resumption

  • 11 July 2018 - 20:14
Oil prices drop after Libya announced oil exports resumption

Oil futures plunged on Wednesday as the market remained fixed on supplies resuming from Libya and rising trade tensions between the U.S. and China. The market shrugged off bullish government data showing U.S. crude stockpiles slumped by nearly 13 million barrels last week, the biggest slide in...

Trump’s letter to rivals allegedly results in resumption of oil exports in Libya

  • 11 July 2018 - 15:41
Trump’s letter to rivals allegedly results in resumption of oil exports in Libya

The President of the United States Donald Trump has allegedly sent a letter on Tuesday to the Speaker of the Tobruk-based House of Representatives (HoR) Aqilah Saleh and the Head of the Tripoli-based Presidential Council, Fayez Al-Sirraj, scolding them for badly tackling the oil crescent region...

Libya’s state oil company lifts force majeure on ports, resumes crude exports

  • 11 July 2018 - 12:05
Libya’s state oil company lifts force majeure on ports, resumes crude exports

Libya’s Tripoli-based National Oil Corporation (NOC) said on Wednesday that four export terminals were being reopened after eastern factions handed them the ports. Force majeure, a legal waiver on contractual obligations, was lifted on the ports of Ras Lanuf, Es Sider, Zueitina and Hariga, it...

Libya’s PM asks UN to from commission to monitor central bank transactions, governor welcomes

  • 10 July 2018 - 23:57
Libya’s PM asks UN to from commission to monitor central bank transactions, governor welcomes

The Head of the Presidential Council Fayez Al-Sirraj has asked in a letter to the international community for forming a commission to be tasked with monitoring and going though every transaction made by the Central Bank of Libya (CBL) in Tripoli and the parallel institution in...

NOC Chairman: Libya’s oil production on slide everyday due to shutdown of exports

  • 10 July 2018 - 15:00
NOC Chairman: Libya’s oil production on slide everyday due to shutdown of exports

Libya’s national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation (NOC) said in a statement on Monday. The NOC had not previously stated how high the country’s...

Libya force majeure on oil exports make prices skyrocket

  • 4 July 2018 - 20:28
Libya force majeure on oil exports make prices skyrocket

Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted US crude to levels not seen since late 2014. US light crude jumped 90 US cents, or 1.2%, to $74.84 a barrel, its highest since November 2014, before...

Libya’s NOC chairman urges UN sanctions commission to punish Haftar and 47 others for blocking oil exports

  • 3 July 2018 - 22:05
Libya’s NOC chairman urges UN sanctions commission to punish Haftar and 47 others for blocking oil exports

The National Oil Corporation (NOC) has also written to the UN sanctions committee and foreign embassies with evidence that it says shows Haftar’s allies have for years been offering questionable contracts in breach of UN resolutions, that would lead to millions in dollars of oil revenues being...

Libya’s oil output goes offline as force majeure declared in ports, NOC says

  • 2 July 2018 - 12:12
Libya’s oil output goes offline as force majeure declared in ports, NOC says

Libya’s National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in total production losses of 850,000 barrels per day (bpd) due to the closure of eastern fields and ports. The Tripoli-based NOC made the announcement after eastern...

Parallel NOC Chairman bars oil exports contacted by Tripoli oil firm

  • 1 July 2018 - 21:29
Parallel NOC Chairman bars oil exports contacted by Tripoli oil firm

Officials at Libya’s Zueitina oil terminal have not authorised a tanker contracted by Tripoli-based National Oil Corporation (NOC) to load its contacted shipment, while loading was also blocked at Hariga terminal. Zueitina and Hariga are among the oil ports that the eastern-based Libyan...

Libyan bank selects Temenos T24 core banking software

  • 1 July 2018 - 17:22
Libyan bank selects Temenos T24 core banking software

Alejma'a Alarabi Bank has selected Temenos T24 core banking software to help drive its vision of becoming one of the leading private banks in Libya. T24 will be deployed with Temenos solutions for channels, financial crime mitigation, front office, payments, and risk and compliance. The...

Libya’s oil output sharply drops from 1 million to 315.000 bpd

  • 1 July 2018 - 11:46
Libya’s oil output sharply drops from 1 million to 315.000 bpd

Libya’s oil production has been reduced to 315,000 barrels per day (BPD) as storage tanks at Hariga and Zueitina ports fill up due to eastern officials blocking exports, two Libyan oil sources said on Saturday. The production drop has been gradual as ships have been barred from loading at the...

Turkey deeply concerned over uncertainty of Libya’s oil industry

  • 1 July 2018 - 09:13
Turkey deeply concerned over uncertainty of Libya’s oil industry

Turkey voiced deep concern on Friday over the transfer of Libyan oil fields to a parallel company based in eastern Libya. In a statement, the Foreign Ministry referred to a decision by Khalifa Haftar that oil ports held by his forces would be handed over to a rival oil corporation in the...

Tripoli’s NOC Chairman says US and allies will block illegal selling of Libya’s oil

  • 28 June 2018 - 23:38
Tripoli’s NOC Chairman says US and allies will block illegal selling of Libya’s oil

The chairman of Libya’s National Oil Corporation in Tripoli said he’s confident that the U.S. and other world powers would help block authorities in eastern Libya from exporting any crude after militia captured key ports there, reported Bloomberg. “We are confident the international legal...

Western powers: NOC in Tripoli only legitimate body to control Libya’s oil

  • 27 June 2018 - 19:44
Western powers: NOC in Tripoli only legitimate body to control Libya’s oil

The United States, France, Britain and Italy on Wednesday called on armed factions in Libya to cease fighting and withdraw immediately from oil installations at Es Sider and Ras Lanuf. In a joint statement, the countries said Libya's oil resources should remain under the control of the...

Libya’s Tripoli government calls handover of oil ports to eastern institution “illegitimate and unacceptable”

  • 27 June 2018 - 13:18
Libya’s Tripoli government calls handover of oil ports to eastern institution “illegitimate and unacceptable”

Libya’s UN-backed Government of National Accord warned on Tuesday that any new attempt by a rival administration in the east to export oil independently will be stopped after Khalifa Haftar handed the ports to a parallel oil body in east Libya.  The Presidential Council issued a statement...

French scholar: Haftar’s handover of oil terminals to parallel NOC breaks away with Paris agreement

  • 26 June 2018 - 12:16
French scholar: Haftar’s handover of oil terminals to parallel NOC breaks away with Paris agreement

Khalifa Haftar announced Monday the handover of oil installations under the control of his self-styled army to an administration that rivals Libya’s UN-backed government, after retaking them from militias. The strongman’s announcement came just hours after his “Libyan National Army ”...

Libya’s warlord Haftar hands over oil ports to unrecognized NOC

  • 26 June 2018 - 10:22
Libya’s warlord Haftar hands over oil ports to unrecognized NOC

Khalifa Haftar announced Monday the handover of oil installations under the control of his self-styled army to an administration that rivals Libya's UN-backed government, after retaking them from militias. The strongman's announcement came just hours after his "Libyan National Army " said it had...

Libya’s state oil firm confirms recapture of oil terminals by Haftar’s forces

  • 22 June 2018 - 15:05
Libya’s state oil firm confirms recapture of oil terminals by Haftar’s forces

The Chairman of Libya’s National Oil Corporation (NOC) Mustafa Sanallah confirmed on Friday that Khalifa Haftar’s so-called "Libyan National Army (LNA)" had regained control of the key oil ports of Ras Lanuf and Sidra, saying he hoped operations would resume in the “next couple of...

Libya’s oil production drops to 600.000 bpd from a recent 1 million bpd due to fighting

  • 20 June 2018 - 20:45
Libya’s oil production drops to 600.000 bpd from a recent 1 million bpd due to fighting

Libya’s oil production has dropped to between 600,000 and 700,000 barrels per day (bpd) from more than one million following clashes at its Ras Lanuf and Sidra oil terminals, a Libyan oil source said on Wednesday. The National Oil Corporation (NOC) is looking at options to divert some oil...