Royal Dutch Shell Plc (RDSA) booked two tankers to load crude oil in Libya this week, helping total exports advance 21 percent from last week, according to data from Poten & Partners and Optima Shipbrokers Ltd. The Sea Luck III was due to load 80,000 metric tons of crude today and sail to Australia, while […]
It is safe to say that the new Libya will not have a drastically different upstream oil and gas policy than the one pursued by the Al Qathafi regime. Most likely, under the new Libyan system of governance, oil and gas rights will continue to be granted through production sharing agreements. There will also be […]
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 […]