A major natural-gas development in western Libya, valued at up to $5 billion, is facing mounting opposition from government officials and local residents. This highlights the challenges of developing energy resources in the politically fractured nation. The Hamada NC-7 concession, located in Libya’s Ghadames basin, contains an estimated 2.7 trillion …
Read More »Can Libya’s Oil Sector Survive the Storm?
Libya’s oil production experienced a significant decline due to a political crisis that lasted for a month. The crisis involved tensions between rival factions and led to the closure of important oil fields and ports. Output dropped by over 80%, from 1.2 million barrels per day (bpd) to approximately 500,000 …
Read More »Libya to Resume Oil Production and Exports Following Central Bank Agreement
Libya’s closed oil fields are set to reopen tomorrow, Monday, with production and exports resuming immediately, according to Abdul Hadi Al-Sagheer, the House of Representatives’ representative in the Central Bank negotiations. This follows the anticipated approval of the Central Bank agreement by a majority of the House of Representatives in …
Read More »Libya Lifts Force Majeure on Oil Exploration
The Government of National Unity (GNU), announced that it had lifted the force majeure for oil and gas explorations on Monday. The GNU invited international oil companies that have contracts with the state-oil company (NOC) to resume their work in the country. The government of Abdul Hamid Dbeibah had signed …
Read More »Libya’s Oil Output Drops to 100,000 bpd
Libya’s Oil and Gas Minister Mohammed Oun has said that oil production in the county is now down to 100.000 barrels per day (bpd) from 1.2 million bpd, according to Stephen Innes, managing partner at SPI Asset Management, who was reported by Reuters. Innes said discussion within the oil complex …
Read More »Libya Loses 550,000 Barrels Daily due to Oil Fields’ Closure
The National Oil Corporation (NOC) said on Wednesday, that Libya is currently losing more than 550,000 barrels per day of oil production due to the closures imposed on major export fields and ports, Reuters reported. The closures carried out by individuals who present themselves as youth groups or notables in …
Read More »Libya’s Oil Output Down to 1 Million Barrels per Day
Libya’s oil production has declined from 1.3 million barrels to 1 million per day due to rising debts, the head of the country’s National Oil Corporation (NOC) said on Thursday. Production may fall further as oil companies are unable to work under mounting debts, according to NOC chief Mustafa Sanallah. …
Read More »OPEC Excludes Libya from Reducing Oil Production
The 12th OPEC and non-OPEC Ministerial Meeting took place this last week and concluded on Thursday with the participation of the head of the National Oil Cooperation, Mustafa Sunallah, representing Libya and its oil interests. The meeting evaluated the state of the international oil market in terms of supplies, demand …
Read More »Libyans Agree to Form Unified Force Safeguarding Oil Facilities
Libya’s warring sides have agreed to unify forces that protect oil facilities following the United Nations-sponsored talks with the head of the country’s National Oil Corporation (NOC). The talks were held on Monday in Brega, part of the coastal area known as the Oil Crescent. “Today in this historic location, …
Read More »Libyan NOC Struggle to Keep El Sharara Oilfield Open
Fezzan is the historic name of the southern region of Libya where El Sharara oilfield is located.
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