• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 1 hour Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 day Iran Captures British Tanker sailing through Straits of Hormuz
  • 15 hours Renewables provided only about 4% of total global energy needs in 2018
  • 6 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 1 day Berkeley becomes first U.S. city to ban natural gas in new homes
  • 2 days Today in Energy
  • 34 mins Shale Oil will it self destruct?
  • 19 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 2 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 1 hour N.Y. Governor Signs Climate Bill
  • 2 days LA Solar Power/Storage Contract
  • 3 days Why Natural Gas is Natural
China Records Rare Drop In Gasoline Output

China Records Rare Drop In Gasoline Output

China just reported a drop…

Libya Seeks Reconciliation With Oil Conference In The East

Sharara oil field

Libya held on Wednesday an oil and gas forum in the eastern city of Benghazi, where its state owned National Oil Corporation (NOC) ''reached out to a region home to a parallel government backing a rival oil firm'', according to Reuters.

The Benghazi Oil and Gas Exhibition and Forum is a rare event for the divided country in which rival institutions in the east and west have been vying for control over parts of the country and, on many occasions, over the oil fields and oil ports. The forum in Benghazi, Libya’s second-biggest city, is the first international conference in the eastern city since 2014, when fighting erupted in the area, Reuters notes.

“Benghazi city will play a prominent and important role for the oil and gas sector in the region and probably the world,” Mustafa Sanalla, the chairman of Tripoli-based NOC, said in his opening remarks, as carried by Reuters. Sanalla’s participation in the conference and the speech was a rare sighting in Benghazi for the chairman of the NOC.

A Schlumberger executive told Reuters that the conference would be an important event for the oilfield services group.

Although no deals are expected to be reached during the conference, oil industry sources told Reuters that it is a political message to appease the eastern part of Libya, which has much of the oil resources and several of the key oil ports.  

Libya’s 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, Sanalla said last month.

Earlier this month, Sanalla told Bloomberg that Libya’s oil production could rise by several hundred thousand barrels daily when BP and Eni resume production at a shared field. NOC’s chairman said Libya’s current oil production was more than 1 million bpd “despite local security challenges,” adding that BP and Eni planned to restart their exploratory drilling operations at a field near the Libyan border with Tunisia in the first quarter of next year. They could then fast-track production, Sanalla said.

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
Download on the App Store Get it on Google Play