Archive | Oil & Gas

Libya names 10 winners for its 2012 oil supplies

Libya’s National Oil Corporation (NOC) named 10 companies that will get priority access to term supplies of its crude oil in 2012, including traditional buyers among European refiners that stood by the country’s new leaders in its civil war. A senior source at the NOC said that the following companies would definitely receive crude oil […]

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Opportunity: Libya

Following the ousting of Colonel Muammar Gaddafi, oil production has resumed – and rapidly. Libya’s re-entry into the world oil market has recommenced in an astonishing way, exceeding expectation, and causing experts to re-assess Libya’s capabilities. Opinions vary on the final trajectory, but the pace at which Libya is getting back on track is indisputable. […]

OPEC raises production quota to accommodate Libya, Iraq

The Organisation of Petroleum Exporting Energy Countries (OPEC) decided, Wednesday, for the first time in three years, to increase its production ceiling to 30 million barrels per day, but, the group will not set individual quotas for each member. The new quota is for all members, including Iraq and Libya, and compares with actual November […]

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Libyan Oil Output May Return to Previous Level by 2014, IEA Says

Libya’s crude production will return to pre-conflict levels of 1.6 million barrels a day by 2014, International Energy Agency said. “The recovery in Libyan output has exceeded expectations so far in 2011,” the Paris-based adviser said today in its monthly oil market report. Libyan output dropped to 45,000 barrels a day in August, according to […]

BP, Shell Preparing for Resumption of Libyan Oil Exploration

BP Plc and Royal Dutch Shell Plc, Europe’s biggest oil companies, aim to resume exploration in Libya, whose new government seeks to stabilize relations with foreign companies following the ouster of Muammar Qaddafi. BP Chief Executive Officer Robert Dudley and Shell CEO Peter Voser said yesterday in Doha, Qatar, they’re evaluating resumption of drilling at […]

JP Morgan: Libyan Oil Output to Reach 1.3 Mbd by Mid. 2012

Analysts at the major U.S. investment bank JP Morgan revised up their forecasts on the Libyan oil production level to 1.3 million barrels per day. According to the analysts’ monthly report on oil market, Libya can reach such a production level by the end of the second quarter of 2012. Earlier, analysts predicted the Libyan […]

Iran Wants OPEC to Adjust Output for Libya, Iraq Oil, Mehr Says

Iran’s Oil Minister Rostam Qasemi said some OPEC members should curtail output to accommodate the return of Libyan crude to markets and an increase in Iraqi production, the state-run Mehr news agency reported. Iran will suggest at the planned Dec. 14 meeting of the Organization of Petroleum Exporting Countries that members of the group that […]

Indian firms keen to buy stakes in Africa’s energy assets

State-run Indian Oil Corporation, Gas Authority of India Ltd and Petronet LNG are looking at buying equity stakes in energy firms and projects in Africa, senior ministers said Friday. Addressing the 3rd India-Africa Hydrocarbons Conference here, Finance Minister Pranab Mukherjee said Indian companies were interested in buying equity stakes in oil and gas assets in […]