Libya extends Zueitina oil concession for 25 years

Libya has extended Zueitina Oil Company’s concession to operate its oilfields for another 25 years, a document signed by Prime Minister Abdurrahim El-Keib showed. The company, a subsidiary of Libya’s National Oil Corporation (NOC), was established in 1986 to operate Libyan oil assets that Occidental Petroleum had to abandon following U.S. sanctions against late leader […]

Atlantic basin suddenly surfeited with sweet crude-Campbell

Remember the great European sweet crude crunch of 2011? It is little more than a historical curiosity now. Instead an abundance of sweet crude is now weighing on prices in the Atlantic basin and facilitating arbitrage flows to Asia. This sweet crude surplus has been misunderstood by some observers, who have struggled to reconcile the […]

OPEC cuts 2012 oil demand forecast, pumps more

OPEC cut its world oil demand growth forecast due to economic weakness in Europe and the United States, taking the opposite view to the U.S. government’s energy forecaster and reflecting growing uncertainty over the outlook. The monthly report from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday also reported higher supply from its […]

Etisalat chairman to address TEDx Tripoli

Etisalat, a leading telecommunications company with operations in 17 markets across Africa, the Middle East and Asia, will share its ‘Broadband for all’ vision at the innovative TEDx Tripoli event in the Libyan capital next week (13 February, 2012). It is the first major conference to be held in Libya following the revolution and has […]

Libya in talks with IFC exec to head fund: sources

Libya’s government is in talks with International Finance Corporation executive Ahmed Ali Attiga to appoint him as head of its sovereign wealth fund, sources told Reuters. The Libyan Investment Authority, which owns stakes in Italian bank UniCredit and British publisher Pearson, has been headless since last year after the exit of Mohammed Layas, who was […]

Weekly Security Review

Projections Security in Tripoli will remain good overall, although there is a continued risk of clashes between rival militias as well as the national army. Travel around the city will remain fluid, although the frequency of checkpoints may increase in response to perceived threats or tensions between different militia groups. Benghazi will remain calm, although […]

Libya seeks Jordan help in fighting ex-regime officials

Libya wants Amman to help fight remnants of slain dictator Muammar Qaddafi’s regime if found in Jordan, a government statement said on Wednesday as the two nations vowed to boost their ties. Libya is “looking forward for Jordanian help in fighting remnants of the old regime if they are found in Jordan,” the statement quoted […]

Libya Pumped 1.36 Million Barrels of Crude Feb. 4, NOC Says

Libya produced 1.36 million barrels a day of crude on Feb. 4, up from a daily average of 1.12 million barrels in January, the state-run National Oil Corp. said. The country pumped a combined 1.42 million barrels of crude plus condensate on that day, up from an average of 1.18 million barrels a day in […]