• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 7 hours Which emissions are worse?: Cows vs. Keystone Pipeline
  • 39 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 57 mins Trump capitulated
  • 14 hours Indonesia Stands Up to China. Will Japan Help?
  • 8 hours Thanks to Trump, the Iranian Mullahs Are Going Bankrupt
  • 1 day The Libyan Oil in a Sea of Chaos, War and Disruptions
  • 20 hours Three oil pipeline projects inch toward goal-line for Canada
  • 2 hours Gravity is a scam!
  • 18 hours Yet another Petroteq debt for equity deal
  • 1 hour US Shale: Technology
  • 42 mins Beijing Must Face Reality That Taiwan is Independent
  • 2 hours What's the Endgame Here?
  • 2 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 10 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
Russia’s Government Resigns As Putin Plans Constitutional Changes

Russia’s Government Resigns As Putin Plans Constitutional Changes

Russia’s government, including Energy Minister…

SUVs Not EVs: The Electric Car Boom Hits A Snag

SUVs Not EVs: The Electric Car Boom Hits A Snag

Consumers are in love with…

Libya Looks To Bring Majors Back To Its Oil Industry

Libya Waha oil field

Libya’s National Oil Corporation (NOC) is holding talks with international oil companies that could result in increased investment and production in Libya’s oil industry, if security across the country improves, NOC chairman Mustafa Sanalla has recently told S&P Global Platts.

Libya’s oil production has just hit its highest level since 2013, Sanalla said earlier this week.

If the security situation in the country improves, production could further rise from the recent 1.278 million bpd, Sanalla said. The country could lift production by “hundreds of thousands” of barrels of oil per day, security permitting, the head of the national oil company told Bloomberg over the weekend.

Libya still has plans to raise its oil production to 2 million bpd and beyond by 2022, Sanalla told S&P Global Platts after attending the OPEC/non-OPEC panel meeting in Algeria on Sunday, where the partners in the deal discussed the state of the oil market.

Libya is able to meet some of the expected supply shortage, if security in the country is maintained, Sanalla told Platts.

The Libyan oil company is talking to international oil companies and hopes to lure some of them back to the country, where the security situation has been fragile since the toppling of Muammar Gaddafi in 2011.

“We stand ready to welcome new international partners to Libya and restart operations with those that were forced to leave due to the conflict,” Sanalla told Platts.

Related: $100 Oil Is A Distinct Possibility

In March this year, France’s Total signed a deal to acquire the 16.33-percent stake of the Waha oil concessions held by Marathon Oil for US$450 million in cash. The deal, however, has yet to receive final approval by Libyan authorities. The final go-ahead has also been delayed by the deadly terrorist attack on NOC’s headquarters earlier this month, Sanalla said.

In early September, gunmen stormed NOC’s headquarters in Tripoli, killing two employees and injuring 25 others.

A port closure for more than two weeks in June-July blocked 850,000 bpd of Libya’s oil (nearly all Libyan production) from being exported from four ports. As a result, Libya’s July oil production slumped to just 670,000 bpd, as per OPEC’s secondary sources. In August, production recovered to average 926,000 bpd, according to OPEC’s latest monthly report, but the security situation in the country is still fragile, making Libya one of the wild cards in predicting supply in a tightening oil market.

By Tsvetana Paraskova 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