Archive | Oil & Gas

Oil supply contracts: Libya signs oil supply contracts with four companies

Libya has signed contracts on oil supply for next year with four companies, the Libyan national oil company (NOC) said on Wednesday. It named the companies as Glencore, Gianfor, Trafigura and Vitol. The quick resumption of Libyan oil production has surprised many people, the Libyan News Agency said. Libyan’s production has reached one million barrels […]

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OPEC Exports Rise to 9-Month High on Libya, Oil Movements Says

The Organization of Petroleum Exporting Countries will boost crude supplies to the highest level in nine months as Libya continues to restore production, according to tanker-tracker Oil Movements. OPEC will ship 23.63 million barrels a day in the four weeks to Jan. 7, up from the 23.23 million barrels shipped daily in the month to […]

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Libya May Load 420,000 Tons of Crude on Four Tankers This Week

Four tankers have been booked so far to load 420,000 metric tons of crude oil in Libya this week, according to data from Poten & Partners Inc. The ships have been chartered to pick up the equivalent of about 3.1 million barrels, compared with about 2.7 million barrels booked to load on four vessels last […]

Libya awards oil supply in 2012 to major traders

Libya has agreed to supply four major European trading houses with crude oil in 2012, a senior National Oil Corporation (NOC) source told Reuters on Wednesday, appearing to break from a policy of restricting sales to end-users. Glencore was awarded the largest share among Europe’s trading majors, and will lift three cargoes of Libya’s prized […]

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Indonesia’s Medco secures approval for Libya well construction

Indonesia’s Medco Energy signed a commercial agreement with Libya Investment Authority (LIA) for its Area 47 field in Ghadames basin, Libya, the oil producer said on Monday. It will start the development stage of the production facility in 2012, construction in 2012 and it is entitled to $374.3 million in cost recovery funds, it said […]

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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. […]