• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 6 hours China wields coronavirus to nationalize American-owned carmaker
  • 3 hours Open letter from Politico about US-russian relations
  • 10 mins Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 23 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 2 days Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 18 hours US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
  • 2 days China's impending economic meltdown
  • 3 days Why Oil could hit $100
  • 7 hours Trump is turning USA into a 3rd world dictatorship
  • 3 days Pompeo upsets China; oil & gas prices to fall
  • 3 days Brent above $45. Holding breath for $50??
  • 2 days Rational analysis of CV19 from Harvard Medical School
  • 2 days The Truth about Chinese and Indian Engineering
  • 2 days What the heroin industry can teach us about solar power (BBC)

Libya’s 2018 Oil Exports To China Double On 2017

The year is not yet over, but Libya’s crude oil exports to China in value terms are already worth twice as much as what the North African country exported to China last year, the head of the National Oil Corporation said, as quoted by Reuters.

Since January, Libyan oil exports to China have hit a value of US$3.5 billion. This compares with US$1.7 billion for the whole of 2017 when Libyan fields suffered pretty much regular outages. This year has not been without outages and pipeline blockades either. Still, NOC and its partners have managed to weather the effects of these interruptions—in one case involving as much as 850,000 bpd in production—and expand Libya’s production rate to 1.3 million bpd. Pans are to raise this further to 1.6 million bpd by the end of next year.

China will naturally be a top destination for this higher crude production, and NOC’s Sanalla emphasized this during his recent meeting with the Chinese Chargé d’Affaires in Tripoli, saying he was “rightly proud of our growing relations with China, and look forward to enhancing and broadening them further to serve the common interests of both the Libyan and Chinese oil sectors.”

Related: Oil Prices Set To Book Worst Month In A Decade

China will definitely be interested in that cooperation: its domestic oil production is falling and state oil companies are increasingly looking abroad for more own production. Libya is one of the countries that certainly makes sense as an investment destination with its huge oil reserves—estimated to be the largest in Africa—and eagerness to make the best of them as it has virtually no other major export commodity or product.

The situation in the country seems to be improving, too. The latest sign yet that things in Libya may be on the mend was the October announcement by BP and Eni that they will start drilling at a field they share in early 2019. BP won two exploration licenses in Libya back in 2007, but the 2011 civil war interrupted its plans for the country. Eni agreed to buy a 42.5-percent interest in BP’s exploration and production sharing agreement with NOC earlier this month, and they are now ready to start drilling in the offshore block.

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