Archive | Oil & Gas

Libyan tankers sailing again after war, sanctions

About half of state-owned Libyan shipping firm’s 24-strong fleet of tankers is sailing again after months of paralysis due to sanctions and a freeze on assets belonging to the family of former leader Muammar Qaddafi, a company manager said. The General National Maritime Transport Company (GNMTC) was on US sanctions lists during the Libyan conflict, […]

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Libya New Oil Minister Ben Yezza Was NOC Official, Eni JV Chair

Libya’s newly appointed oil minister headed a commission that oversaw the bidding for drilling rights by international oil companies, and was chairman of an Eni SpA (ENI)Libya joint venture in the country prior to his new post. Ben Yezza previously served as chairman of Eni Oil Co., a joint venture with Libya’s National Oil Corp. […]

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China says Libya ready to compensate Chinese companies

China said on Wednesday that Libya was ready to compensate Chinese companies, raising the possibility that Chinese businesses that suffered losses during the country’s unrest may receive some payment. China has limited investment in exploring and producing oil in Libya, and is instead focused on servicing the sector, but has significant construction contracts in the […]

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Repsol’s Libya JV now 210,000 barrels per day

Production at Repsol YPF SA’s Libya joint venture has reached 210,000 barrels a day, a local manager said Sunday, already surpassing the Spanish company’s target for next year. The accelerated ramp up at Akakus Oil Operations is the latest evidence that Libya’s production is returning faster than expected following the toppling of Moammar Gadhafi. In […]

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Libya’s oil could be a curse or a blessing

The biggest challenge facing Libya’s transitional government may also be its greatest blessing: what to do with all the oil. Libya is awash in black gold.  With about 46 billion barrels of proven oil reserves — and much of the country still unexplored — Libya ranks as the world’s 18th largest oil producer, and the […]