• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 25 mins EU has already lost the Trump vs. EU Trade War
  • 5 mins More dumbed down? re Hong Kong Act of Congress
  • 16 hours Impeachment S**te
  • 45 mins Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 3 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 23 hours 55.00 WTI
  • 7 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 4 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day Water, Trump, and Israel’s National Security
  • 1 day Everything You Need To Know About Trump
  • 2 hours Last I Checked
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 36 mins Petroleum Industry Domain Names
  • 40 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?

Breaking News:

China’s Hunger For Coal Is Growing

The Five Biggest Enemies Of Oil & Gas

The Five Biggest Enemies Of Oil & Gas

The oil and gas industry…

Could The Aramco IPO Kill OPEC?

Could The Aramco IPO Kill OPEC?

If the Aramco IPO does…

Eastern NOC Strengthens Hold On Oil Crescent

Crude oil pipeline

All oil export revenues from Libya’s Oil Crescent will be sent to a central bank in the eastern part of the country, according to eastern Libyan officials quoted by Reuters during a ceremony to mark the official taking of control over the eastern oil terminals.

“We undertake that the money won’t go to someone shorn of legitimacy,” the head of the eastern National Oil Corporation said at the ceremony. “We have a central bank in (the eastern town of) Bayda, and it is recognized by the Libyan parliament,” Faraj Said added.

The official, who heads the Benghazi-based NOC affiliated with the eastern Libyan government but unrecognized by the Tripoli-based NOC that has been responsible for oil exports until now, referred to the central bank in Tripoli as lacking legitimacy in handling oil exports.

The two NOCs have been vying for control over Libya’s oil riches for years. At one point, they agreed to start working together to make the best of the resources, but the agreement did not last long. Now, the eastern NOC has had the opportunity to seize the Oil Crescent thanks to the Libyan national Army, an eastern government-affiliated militia that wrested control over the oil ports from the Petroleum Facilities Guard two years ago.

At the time, the LNA handed control to the Tripoli NOC. But this time, after two weeks of fighting with several other armed groups, the army decided to give control of the ports to the eastern NOC.

Related: Power Grab In Libya Threatens Oil Industry

The Tripoli NOC, meanwhile, has called on buyers of Libyan oil to avoid doing business with the Benghazi company, saying it was the only legitimate state oil company, affiliated with the internationally recognized government in Tripoli, that could sell Libyan oil.

As the saga continues, the UN Secretary General Antonio Guterres called on the LNA and the eastern NOC to return control of the Oil Crescent to “the recognized Libyan authorities.”

According to the eastern government, however, the oil revenues would from now on go to the eastern central bank because until now, it had been going to “militias and extremist groups”.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play