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 […]
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 […]
Foreign oil companies operating in Libya warned this week that current contracts could deter new investment, even though the fall of Col. Moammar Gadhafi has been sometimes perceived as paving the way for a new oil rush in the country holding Africa’s largest oil reserves. Libya’s deputy oil minister says the country would show flexibility […]
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.
Of all the countries that have come through the Arab Spring, Libya may have had the hardest journey – and, with Colonel Gadaffi having only met his end in recent weeks, faces the most uncertain future. However, fund managers believe that the country could also offer outsize returns for those willing to gamble on a […]
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 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 […]
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 […]