Tag Archives | Exxon Mobil

Interview: New LIA boss plans to fund Libyan Infrastructure

By Adam Nathan. The newly-appointed Chief Executive Officer (CEO) of the Libyan Investment Authority (LIA), the country’s sovereign wealth find, which holds $67 billion of assets, said he is seeking to work and co-invest with international investors including major oil companies to boost his country’s wealth. In his first interview with the media, Mr Ali Shamekh […]

Cameroon: Libya Oil Join SCDP Board

By John Lee. Oil products distributor Libya Oil, which bought Exxon-Mobil’s network in Cameroon, has just officially joined the board of Société Camerounaise des Dépôts Pétroliers (SCDP). With 51 percent owned by the State of Cameroon, the rest of SCDP’s capital is shared among oil product distributors in Cameroon, some of which are on the […]

Exxon to Reduce Libya Presence

Reuters reports that Exxon Mobil has reduced its oil activity and number of employees in Libya due to security concerns. Spokesman Patrick McGinn told the news agency: “The security and business situation means we can no longer justify maintaining a large office presence in Libya. “We are not giving up on seeking to develop a […]

Leaked Gaddafi-era documents expose the need for urgent oil reforms

Global Witness has obtained Gaddafi-era documents that detail the mismanagement of millions of dollars of Libyan oil revenues and highlight murky practices by Libya’s state-owned National Oil Company (NOC).   The revelations, contained in a report published in its entirety today by Global Witness titled “An Annual Report by the Control Board for 2010” (the “Report”), […]

Libyan PM seeks Exxon Mobil, Microsoft investment

Libyan Prime Minister Abdurrahim al-Keib appealed to U.S. companies, such as Exxon Mobil Corp. and Microsoft Corp., to invest in his oil-rich country, saying Italian and French companies are already moving quickly to take advantage of opportunities in energy and infrastructure. “The new Libya is open for business,” he said Friday in an interview during […]

BP, Shell Preparing for Resumption of Libyan Oil Exploration

BP Plc and Royal Dutch Shell Plc, Europe’s biggest oil companies, aim to resume exploration in Libya, whose new government seeks to stabilize relations with foreign companies following the ouster of Muammar Qaddafi. BP Chief Executive Officer Robert Dudley and Shell CEO Peter Voser said yesterday in Doha, Qatar, they’re evaluating resumption of drilling at […]

Eni Profit Rises 7% as Higher Oil Prices Counter Lost Output

 Eni SpA, Italy’s largest oil producer, reported better-than-estimated third-quarter earnings as higher oil prices countered lower production from Libya. Adjusted net income rose 7 percent to 1.8 billion euros ($2.5 billion) from 1.7 billion euros a year earlier, the company said in a statement. That beat the 1.5 billion-euro average estimate of 15 analysts surveyed […]