Archive | Oil & Gas

Oil production increasing slower than expected

The International Energy Agency (IEA) stated that Libyan oil production is progressing faster than anticipated but it was unlikely to reach pre-conflict output levels before 2013. This is in contrast to official Libyan estimates which suggest oil output levels could be fully restored by June 2012.  

Libya’s Agoco hopes to pump 400,000 bpd by early 2012

Libya’s Arabian Gulf Oil Company (Agoco) is producing 266,000 barrels per day (bpd) from five fields and hopes to reach 400,000 bpd by early next year, a spokesman said on Wednesday.The Benghazi-based company recently began pumping crude at the Hamada and Beda fields after their restarts were delayed due to some problems. Agoco’s Abdeljalil Mayuf […]

Libya says “logical” for Gulf Arabs to cut oil supply

Libya signalled on Tuesday it may not support Gulf Arab OPEC producers when the exporters’ group meets in December, saying those countries should reduce output to make space for Libya’s returning oil output. The Organization of the Petroleum Exporting Countries (OPEC) has been operating without formal output limits since December 2008 and this year Gulf producers […]

Libya’s Waha Set To Restart In December – Official

Waha Oil Co., the last major Libyan oil company yet to resume production, is set to pump crude again next month after a management change ended a crippling strike, an official at the company said Tuesday. Khaled Othman, a Waha Oil Co. construction supervisor and one of the strike’s leaders, said, “We will go back […]

Libya seeks UK firms to develop oil sector and construction industry

Libya began touting itself as the next Dubai to UK investors, as the country’s government said it would reward its “friends” when it begins selling off lucrative oil contracts. Representatives of the country’s National Transitional Council called City executives to a central London hotel to drum up British interest in the “massive opportunities” on offer […]

Libya’s Waha Oil strike over as new chairman named

A strike at Libya oil producer Waha Oil, which pumped around around a quarter of pre-war output, has ended after workers’ demands for a new chairman were met, a workforce representative said on Monday. The oil and finance ministry had overturned an initial agreement to remove chairman Bashir Alashab, who workers accused of cooperating with […]

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