Archive | Oil & Gas

Libyan oil exports to total 1.29 million bpd in May

Libyan crude oil exports are expected to amount to 40 million barrels in May, or 1.29 million barrels per day (bpd), a senior official at Libya’s state-owned National Oil Corporation (NOC) said. NOC plans to sell 30 million barrels, while firms that receive oil for investing in Libyan production are expected to take 10 million […]

Global Witness Calls For Libya To Learn From Gadhafi-Era Audit‎

International anti-corruption group Global Witness said Libya’s new government should learn from an audit conducted by the former regime into mismanagement and graft in the country’s oil sector. The audit, obtained by Global Witness and released on its website, outlines mismanagement to the tune of millions of dollars by the National Oil Co. and the […]

Med Crude-Urals firm on Asian bid, Libyan export to dip

Russian Urals differentials were supported in the Mediterranean on Monday by a bid from an Asian trader. But the gain in prices was limited as the west-to-east arbitrage export window failed to open, traders said.  Libyan crude oil exports are set to fall marginally in May from April. Trading in the sweet market was relatively thin […]

Leaked Gaddafi-era documents expose the need for urgent oil reforms

Global Witness has obtained Gaddafi-era documents that detail the mismanagement of millions of dollars of Libyan oil revenues and highlight murky practices by Libya’s state-owned National Oil Company (NOC).   The revelations, contained in a report published in its entirety today by Global Witness titled “An Annual Report by the Control Board for 2010” (the “Report”), […]

OPEC Pumps More Oil as Iraq Boost Offsets Iran Decline, IEA Says

OPEC’s crude oil production rose to the most in more than three years in March as Iraq boosted output and offset a decline in Iranian supply, according to the International Energy Agency. The 12 members of the Organization of Petroleum Exporting Countries pumped 31.43 million barrels a day of crude last month, up from a […]

Eni cooperates in U.S. probe into Libya contracts

Italian oil and gas group Eni is cooperating with U.S. authorities in a probe of oil contracts in Libya, its chairman said on Tuesday. “We are an open book. We are cooperating with authorities and we’ll see how the situation develops,” Giuseppe Recchi said on the sidelines of a conference when asked about an investigation […]

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Libya’s oil could leave the country on a slippery slope

Libya historically was divided into three parts: Tripolitania in the west, Barca (Cyrenaica) in the east and Fezzan in the south. But now, with attempts to declare Barca a federal region, a cursory look would suggest old divisions have resurfaced, with oil playing a new and crucial role. About 3,000 people gathered in Benghazi last […]

Libya shines light on oil contracts

Libya has started investigating foreign oil companies over their past relationships with the former Muammar Gaddafi government, an investigator with the ruling National Transitional Council (NTC) said on Monday. Salem Qanan, who sits on the NTC’s Oil Committee, said the government had requested documents from Libya’s National Oil Corporation (NOC), which is in charge of […]