Tag Archives | oil production

June Oil Production Down

By John Lee. Libya’s National Oil Corporation (NOC) has announced June income of $1.7 billion from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts – a month-on-month decrease of $580 million (-25%). Accordingly, half-year recorded oil and gas revenues for 2019 amounted to $10.3 billion USD […]

Force Majeure Lifted on Sharara Loading from Zawiya Port

By John Lee. The National Oil Corporation (NOC) has lifted the force majeure on Sharara crude oil loading from Zawiya port (pictured), following the opening of a closed valve on the pipeline connecting the Sharara oilfield to the Zawiya terminal. Valve 13 was reopened on Sunday evening, July 21, 2019, at 8:20 pm. The valve […]

24% Increase in Libyan Oil Revenues

By John Lee. The National Oil Corporation (NOC) has announced May income of 2.3 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 448 million USD (+24 percent). Revenue figures were bolstered by sustained global oil prices, in […]

Oil Production could Double within 5 Yrs

By John Lee. IHS Markit reports that Libya’s oil liftings have been close to 960 thousand barrels per day (bpd) on average between early April and mid-June, with growth of almost 40 percent since the first quarter of this year. It says that Libya’s oil production could surpass 2 million bpd by the end of […]

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 […]