• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 5 hours The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 22 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming
China's Oil Demand Threatened by LNG Trucks

China's Oil Demand Threatened by LNG Trucks

The boom in LNG trucking…

Geopolitical Risks Loom Large Over Oil Markets

Geopolitical Risks Loom Large Over Oil Markets

Geopolitical risks are looming large…

Libyan Oil Minister Cleared of Smuggling, Mismanagement Allegations

Libyan Oil and Gas Minister Mohamed Aoun has resumed his position after being removed from duty in early April pending an investigation into oil smuggling and mismanagement allegations, the Libyan Herald reports, citing the Ministry’s social media accounts. 

“His Excellency the Minister of Oil and Gas Eng. Mohamed Mohamed Aoun began this morning his duties at the Ministry of Oil and Gas’’, the Ministry said in its announcement, adding that the investigation into Aoun’s activities had been concluded. 

Aoun was suspended on March 25 for what alleged mismanagement, with Deputy Oil Minister Khalifa Abdul Sadiq, interim Tripoli-based prime minister AbdulHamid al-Dbeiba’s nephew, replacing him. 

At the time, S&P Global speculated that the move was politically motivated and “unlikely to be undone”. 

"On the one hand, the suspension could unblock progress on major oil projects -- Aoun was behind a halt to the development of the NC7 Hamada field on the basis that it granted excessive concessions to foreign operators," S&P Global cited Hamish Kinnear, senior Middle East and North Africa analyst at Verisk Maplecroft, as saying back in March. "On the other hand, Aoun retains the support of parties with the ability to disrupt Libya's oil and gas production,” he added. 

Two months into the suspension, however, the official account is that Aoun has been returned to his position and the investigation is over, which could suggest that Aoun has agreed to cooperate where earlier he had been reluctant.  

Earlier this year, Aoun said that Libya–home to Africa’s largest proven oil reserves–required $17 billion in investments over the next three to five years in order to boost production to 2 million barrels per day, from less than 1.5 million bpd. 

Developing the country’s reserves is hindered by intense political rivalry that has led to a standoff between the Tripoli-based Government of National Unity and the Benghazi-based Eastern government in the stronghold of General Khalifa Haftar. Both rivals and their various militias and factions are competing for control of the country’s vast oil wealth. 

ADVERTISEMENT

By Josh Owens for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News