Archive | Oil & Gas

Italy Last Among Libya’s ‘Friends’ for New Oil Concessions

Libya’s new leaders will remember who provided the most help in overthrowing Muammar Qaddafi when it comes to new oil concessions. Italy, the biggest investor in the country, may find itself at a disadvantage. Libya has the world’s ninth-largest proved reserves of oil, estimated at more than 46 billion barrels, according to the Central Intelligence […]

Libya opens door to UAE oil companies

UAE oil and gas companies are positioning themselves for a move into Libya, encouraged by assurances that they will receive preferential treatment as payback for the Government’s support of anti-Qaddafi forces during last year’s civil war. “We have been told very clearly: the authorities are encouraging UAE and Qatar companies. They want to give them […]

Libya respects oil deal, including Shell’s-OilMin

Libya’s interim oil minister, Abdulrahman Ben Yazza, said his government respected Gaddafi-era oil contracts with foreign oil companies including those signed with Royal Dutch Shell Plc. “Libya respects all signed contracts, including those signed with Shell oil company,” state news agency quoted Yazza as saying during a meeting this week with the Dutch ambassador. Yazza […]

Libyan NOC to Export 9.71 Million Barrels of Crude This Week

Libya’s National Oil Corp. will export 9.71 million barrels of crude this week, a company official said. NOC shipped 4.13 million barrels in the week ended Jan. 4, Ahmed El-Mihoub, an official at the company’s crude oil and natural gas marketing department, said in an e-mail from the capital Tripoli. Breakdown of shipments for week […]

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Libya’s al-Sedr oil port resumes operations: official

Libya’s al-Sedr oil port has resumed operations and will see the first oil shipment sail on Tuesday or earlier, an official from Waha Oil Co said, months after the terminal stopped running during a civil war that ended Muammar Gaddafi’s rule. “The port was damaged by the Gaddafi regime and the facilities are now operational,” […]

Libya to review contracts with Italian oil major ENI

Libya on Thursday said it will review its contracts with Italy’s ENI and insisted the oil major participate in reconstructing cities destroyed by Moamer Kadhafi’s forces in the conflict. The decision to review the contracts was communicated to the Italian firm’s Chief Executive Officer Paolo Scaroni on Wednesday by Prime Minister Abdel Rahim al-Kib during […]

OPEC Agrees to Accomodate Libyan Oil Output

Libya’s oil minister Abdurahman Benyezza was reported saying by Zawya Dow Jones, at the Organisation of Petroleum Exporting Countries,OPEC, meeting in Cairo, that there is a “gentlemen” agreement inside the organisation, to accommodate the country’s crude oil as production recovers. When Benyezza was asked in the Egyptain capital, Cairo where he was attending a meeting […]