Tag Archives | oil production

Wintershall Dea sees Risks to Libyan Production

By John Lee. The CEO of Germany’s Wintershall Dea has said that the current instability in Libya presents a significant risk to the company’s on-shore production. On the sidelines of the 2019 St. Petersburg International Economic Forum (SPIEF-2019), Mario Mehren (pictured) told TASS: “We have offshore production that has the advantage of being offshore so […]

Raguba Development Well adds Oil Capacity

By John Lee. The Sirte Oil Company (SOC), a fully-owned subsidiary of the National Oil Company (NOC), has successfully completed testing of development well E 111-20, located in the Raguba oil field. The well will add 1102 barrels per day (bpd) to local production. Development testing, concluded on Tuesday, June 4, 2019, utilised a mobile […]

Drilling Increases Istiklal Oil Production

Sirte Oil Company (SOC) has completed successful development drilling of well FF03-6 of the Gargaf gas formation within the Istiklal oilfield. Development drilling across the Libyan oil sector is actively promoted by National Oil Corporation (NOC) within its framework of ongoing efforts to increase and maintain production and ensure regular gas supply to coastal region […]

Libya Disruption hits OMV’s Profit

By John Lee. Operating profit at Austria’s OMV fell 7 percent in the first quarter as the company was unable to lift oil from Libya. In a statement, the company said: “The negative operational performance to the amount of EUR (56) million was mainly caused by the missing sales contribution from Libya in Q1/19 that […]

March Oil Revenues Up

Libya’s National Oil Corporation (NOC) has reported that its income for March was over 1.5 billion USD from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts – a monthly increase of approximately 270 million USD (+20%). Improved March revenues were largely attributable to the end of […]

Libyan Oil Revenues down 21% in February

By John Lee. February income from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, was $1.26 billion – a more than $330 million (-21%) month-on-month decrease. The drop in oil revenue is attributed to adverse weather conditions affecting exports from the Es Sider port, in addition […]

Libya’s Oil Output may Hit 6-Year High

By John Lee. Libya’s oil output is on track this month to hit an almost six-year high, according to a report from Bloomberg. Following the resumption of production at the Sharara field, the county’s largest, Libya is reported to be pumping 1.17 million barrels of crude a day. More here. (Source: Bloomberg)

Libyan Oil Production “Highest in 5 Years”

By John Lee. Libyan oil output recovered sharply last year, according to a report from Platts. It quotes National Oil Corporation (NOC) chairman Mustafa Sanalla as telling a Chatham House event on Tuesday: “We achieved our highest production and revenue levels for the past five years … with $24.4 billion transferred to the Libyan Central […]