Archive | Oil & Gas

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. […]

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 […]