• 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
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days Does Toyota Know Something That We Don’t?
  • 4 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 hour "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 21 hours Even Shell Agrees with Climate Change!
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 13 days Putin and Xi Bet on the Global South
  • 13 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
A Signal of Strong Short Term Demand in Oil Markets

A Signal of Strong Short Term Demand in Oil Markets

A significant development this week…

This Could Be A Gamechanger For Natural Gas In Europe

This Could Be A Gamechanger For Natural Gas In Europe

Europe’s lack of energy security…

Sonatrach Pulls Out Of Libya

Algeria’s state oil and gas company has pulled out of Libya citing deteriorating security conditions, Libyan media report, adding the company had first evacuated its personnel from its neighbor and has now transported production equipment across the border.

Sonatrach had partnered with the Libyan National Oil Corporation on drilling seven oil wells in its eastern neighbor.

The Algerian company returned to Libya relatively soon after the 2011 civil war to explore for oil in the Ghadmes basin, in block 65, where Sonatrach held a 25-percent stake that was awarded to it back in 2005.

Earlier this year, Sonatrach and NOC signed a deal for the joint exploration of two fields, one on the Algerian side and one on the Libyan side, which may turn out to be one single field. “If it was proved that the two fields are in fact one field, they will be run and managed jointly by the two countries,” a source told Turkey’s Anadolu Agency at the time.

Interestingly, Sonatrach is leaving as the situation in Libya creeps closer to normalization. Although a lot more time will need to pass before normal returns for real, there have been fewer field outages in the last three to four months and oil production has been growing steadily.

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.

Despite continued political instability and a deep economic crisis, Libya’s National Oil Corporation has ambitious goals: by the end of 2019, its chairman Mustafa Sanalla told Bloomberg last month, NOC plans to pump 1.6 million bpd of crude, the level of production from the times before the 2011 civil war.

By Irina Slav 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