• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 26 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 9 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 13 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 9 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 18 hours Middle East on brink: Oil tankers attacked off Oman
  • 12 hours Never Knew Gasoline Prices were this important!
  • 9 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 11 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 6 hours We Are Better Than This
  • 25 mins Plants are Dying
  • 1 day Britain makes it almost 12 days with NO COAL
  • 1 day Emmissions up, renewables nowhere
  • 10 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
Alt Text

It’s Adapt Or Die For U.S. Refiners

The U.S. downstream sector is…

Alt Text

OPEC+ Has Only One Choice As Oil Prices Slide

With oil prices falling on…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Some Good News From This War-Torn Nation’s Oil Industry

Libya has been torn apart from violence and political instability, and its oil sector has been severely impacted as a result. But amid all the chaos, Italian oil giant Eni has managed to increase its oil production in the troubled North African country.

Eni is now producing more than 300,000 barrels per day in Libya. That is the highest level of production for the company since before the civil war. Before the overthrow of former dictator Muammar Qaddafi, Eni was producing just 280,000 barrels per day.

The achievement comes as Libya is beset with violence. Terrorist attacks are common, and warring factions have divided the country into east and west. On top of that, protests in recent weeks have halted oil flows to a key export terminal. In early May the port of Zueitina saw its oil cut off when protestors demanding employment forced the closure of a pipeline. Related: U.S. Could Go All Out On Offshore Exploration

As a result, several oil fields in Libya’s east had to be shuttered. The Nafoura oilfield, for example, produced between 30,000 and 35,000 barrels per day before it was forced to shut down. A Libyan official said on May 9 that an oil tanker had docked at Zueitina and was loading oil from storage tanks, but that pipeline flows had still been offline.

Libya’s oil production is likely down to about 380,000 to 400,000 barrels per day, sharply lower than the 1.6 million barrels the country produced before the civil war began. Related: Who Is The Biggest Player In Energy?

Moreover, the internationally-recognized government that is stationed in the east has had trouble finding willing buyers for its oil. Libyan crude has been deeply discounted, but still, tankers are wary of purchasing oil from a supplier that is unreliable and has an unclear political hold over the country. With a rival government setup in Tripoli, both sides are claiming the right to Libya’s oil.

The eastern government decided to setup a bank account in Dubai in order to work around the Islamist government in Tripoli. All the confusion weighs on the price Libya can command for its oil. Related:The Latest Casualty In Energy’s Hardest Hit Industry

Nevertheless, the news that Eni is now producing above its pre-war level is a welcome sign. Libya depends overwhelmingly on oil export revenues, and getting its oil sector back on its feet is a prerequisite to rebuilding from years of war.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News