Business

Oil prices up as Libya’s production stalled over Al-Feel field shutdown

  • 26 February 2018 - 14:00
Oil prices up as Libya’s production stalled over Al-Feel field shutdown

Oil gained as Libya’s crude exports from a key terminal were disrupted and Saudi Arabia pledged that global producers will ease their output curbs without shocking the market.   Futures in New York rose as much as 0.6%, after rising 3% the previous two sessions....

Libya’s NOC declares Force Majeure at Al-Feel oilfield

  • 24 February 2018 - 15:35
Libya’s NOC declares Force Majeure at Al-Feel oilfield

The Libyan National Oil Corporation (NOC) said in a statement on Saturday that it had declared force majeure on the Al-Feel oilfield after a protest by guards closed the field. Al-Feel, which produces 70,000 barrels per day (bpd) was shut after Petroleum Faculties Guard staffers withdrew from...

Libya loses 70.000 oil bpd of its daily output

  • 24 February 2018 - 14:26
Libya loses 70.000 oil bpd of its daily output

The company operating the 70,000 barrel-a-day Al-Feel deposit, also known as Elephant, suspended output late Thursday after armed guards who work at the facility decided to occupy it to protest at unpaid wages, a person with knowledge of the matter said, asking not to be identified because...

FATF removes Libya from terror-financing watch list

  • 22 February 2018 - 13:47
FATF removes Libya from terror-financing watch list

The international Financial Action Task Force (FATF) lifted Libya from the list of countries unable to fight money laundering and terrorism financing, the Central Bank of Libya said in a statement. “A major achievement was made with a decision issued by the FATF, after Libya was included in...

Libya’s Al-Feel oilfield evicted by guards over delayed salaries

  • 22 February 2018 - 13:21
Libya’s Al-Feel oilfield evicted by guards over delayed salaries

Some workers at Libya’s Al-Feel oil field have been evacuated after guards withdrew in protest over pay, a local source from the town of Murzuq said on Wednesday. It was not clear if there was any impact on production at Al-Feel, which has been pumping at least 60,000 barrels per day (bpd) in...

Libya’s state oil firm could suffer production decline over lack of government budget

  • 20 February 2018 - 13:55
Libya’s state oil firm could suffer production decline over lack of government budget

The Libyan National Oil Corporation (NOC) is having difficulties in receiving the necessary budget money from the government, the Chairman of the NOC, Mustafa Sanallah, said on Monday. “This could reduce production. The entire sector is suffering from these problems because of delays in the...

Libyan Tripoli-based CBL says Libya is witnessing thorough economic reform

  • 5 February 2018 - 20:31
Libyan Tripoli-based CBL says Libya is witnessing thorough economic reform

The Tripoli-based Central Bank of Libya (CBL) has issued a statement detailing the results of the latest efforts it had done to regain the value of Libyan dinar and to boost the country's economy.   The CBL assured all Libyans that prices of goods and foods are on the...

Tripoli CBL governor challenges Parliament appointment, says will remain in post

  • 31 January 2018 - 15:44
Tripoli CBL governor challenges Parliament appointment, says will remain in post

  The Governor of the Tripoli-based Central Bank of Libya, Al-Siddiq Al-Kabir said he will remain in office and continue doing economic reforms in the country.   Sl-Kabir, in a meeting in Morocco's Marrakesh city in a conference for the International Monetary Fund, added that...

Libya’s NOC says oil production remain under many budget constraints

  • 30 January 2018 - 18:34
Libya’s NOC says oil production remain under many budget constraints

  Libya’s ability to rebuild its oil output will be hindered by ongoing constraints on National Oil Corporation’s (NOC) budget, Chairman of NOC, Mustafa Sanallah explained.   Sanallah said Tuesday that NOC received only 50 percent of its capital expenditure budget...

Libya CBL Governor took oath of office before Tobruk’s parliament

  • 29 January 2018 - 17:55
Libya CBL Governor took oath of office before Tobruk’s parliament

The newly-elected governor of Libya's Central Bank Mohamed Al-Shoukri took the oath of office on Monday before the Libyan Tobruk-based House of Representatives (HoR). "The new governor of the Central Bank Mohammed Al-Shoukri was sworn in before the Parliament. Thus, he has full legal powers to...

Libya to diversify sources of national revenue

  • 28 January 2018 - 12:41
Libya to diversify sources of national revenue

  The Libyan authorities said on Saturday that it is seeking to diversify sources of national income now based entirely on oil.   Libya "seeks to benefit from financial revenues of exports, in order to reduce the total independence on oil as the main source of income for the...

Libya’s oil recovery helped oil prices soar to new highs

  • 23 January 2018 - 17:50
Libya’s oil recovery helped oil prices soar to new highs

Libya’s crude oil production has risen 400% since August 2016 as the country plans to increase its oil production in 2018 despite production cuts. Market Realist reported that any increase in Libya’s crude oil production could weigh on oil (BNO) (USO) prices. This comes as the National...

Libya’s state oil firm reopens 50.000 bpd oilfield

  • 21 January 2018 - 18:58
Libya’s state oil firm reopens 50.000 bpd oilfield

The Libyan National Oil Corporation (NOC) announced on Sunday reopening the eastern Assarah oilfields, which produce more than 50,000 barrels per day (bpd) but had been shut in by a blockade since last November. According to sources reported by Reuters, two wells started pumping on Sunday and...

Shell and BP signed contracts with Libya’s state oil firm, Bloomberg reported

  • 18 January 2018 - 20:30
Shell and BP signed contracts with Libya’s state oil firm, Bloomberg reported

Royal Dutch Shell  and British Petroleum agreed to annual deals to buy Libyan crude, underscoring how Libya's recovering production and improving security are enticing some of the world’s largest oil companies, reported Bloomberg.  Shell’s deal with Libya’s National Oil Corp. was the...

Algerian Sonatrach and Libyan NOC to jointly operate oilfields on mutual borders

  • 16 January 2018 - 18:23
Algerian Sonatrach and Libyan NOC to jointly operate oilfields on mutual borders

Algerian Sonatrach signed Monday an agreement with the Libyan National Oil Corporation (NOC) to run a number of oilfields located on the borders between the two countries, according to a statement on the NOC website. According to the agreement was a further step on the ground after a study that...

Dollar sharply drops in Libya black market

  • 16 January 2018 - 14:53
Dollar sharply drops in Libya black market

The Libyan Dinar has gained the most value in the last five months on Tuesday as the black market started offering selling $1 for LYD7.80. The Libyan dinar has been for the last three months at least steadily valueless at 9.80 and 9.50 dinars per one dollar in the black market, leaving the...

Politicians live in luxury, while ordinary Libyans left between Scylla and Charybdis

  • 14 January 2018 - 21:55
Politicians live in luxury, while ordinary Libyans left between Scylla and Charybdis

For one, the Libyan ordinary citizens are suffering on a daily basis form inadequate food commodities, lack of power and water governmental supply, fuel supply, and safe and beneficial education to kids as well as adults, and the list goes on.   For the second, the ordinary...

Libyan Audit Bureau slams CBL as careless towards economic reform

  • 11 January 2018 - 10:41
Libyan Audit Bureau slams CBL as careless towards economic reform

The Libyan Audit Bureau has criticized in a Wednesday statement the Central Bank of Libya (CBL), the Ministry of Finance and the Presidential Council over their “not serious” tackling of the country’s economic situation. The Audit Bureau said it had sent more than one letter to the...

Libya’s oil company wins arbitration cases over Ras Lanuf refinery

  • 7 January 2018 - 23:45
Libya’s oil company wins arbitration cases over Ras Lanuf refinery

The Libyan National Oil Corporation (NOC) said it had won two international arbitration cases over Ras Lanuf refinery, and called for the refinery to restart as soon as possible. "The arbitration cases, which date to 2013, had been settled in its favor at the International Chamber of Commerce in...

Libya Central Bank: Oil revenue in 2017 hit $14 billion, state expenditure $15 billion

  • 4 January 2018 - 21:50
Libya Central Bank: Oil revenue in 2017 hit $14 billion, state expenditure $15 billion

The Central Bank of Libya (CBL) has issued a statement on Thursday detailing the revenue and income of the country during 2017. The CBL explained that the total of the Libyan state's revenue from oil was 14 billion dollars, compared to 4.8 billion dollars in 2016. "That is why all Libyans...