Tag Archives | National Oil Corporation (NOC)

AGOCO Reports New Oil & Gas Discovery

The Arabian Gulf Oil Company (AGOCO), a wholly owned subsidiary of Libya's National Oil Corporation (NOC), has reported that it has drilled the F1-NC4 new field wildcat well to a total depth of 10,300 feet. The well, located in Ghadames Basin approximately 150 km Southwest of Tripoli City, had oil and gas flows as follows: […]

Libyan Oil/Gas Revenues ~$50 Billion in 2012

Libya's National Oil Corporation (NOC) announced on Sunday that the country has oil and gas revenue totalling $54.9 billion. According to the report from Tripoli Post, the revenues are calculated based on an average daily oil production of 1.350 million bpd, at a price of $100 per barrel, although our quick calculation at LBN shows […]

Libya Raises September Crude Price

Libya’s state-run National Oil Corporation (NOC) has raised the September selling price of its benchmark Es Sider crude by 60 cents to dated Brent minus 70 cents a barrel. According to Reuters, the NOC has a recent history of surprising traders, but many believed the latest set of prices were relatively fair; "September OSPs look […]

Tatneft Considers Return to Libya

Tatneft, the vertically-integrated Russian oil and gas company, is hoping to return to Libya when the situation there stabilizes, Interfax reports. "The situation in Libya is stabilizing more or less, but the matter of our workers' safety does not at this point allow a return to the region," said chief executive Shafagat Takhautdinov (pictured). Tatneft […]

Eni Denies Claims it's Downscaling Libyan Production

Italian oil giant Eni has denied reports that it is scaling down operations in Libya due to ongoing concerns about the political and security environment, reports Libya Herald. Unnamed sources at the National Oil Corporation (NOC) have recently been cited in certain Arabic-language papers claiming that Eni was moving part of its investments from Libya […]

NOC Expects to Reach Crude Target by Feb

The chairman of Libya's state-run National Oil Corporation (NOC) has told Bloomberg that crude oil output will increase to a target of 1.7 million barrels a day by February. Nuri Berruien [Nuri Balrwin] (pictured) said the country currently pumps 1.55 million to 1.57 million barrels a day. “The situation on the market caused production disruption, […]

NOC Refuses to Confirm or Deny Refinery Restart

According to the Libya Herald, the National Oil Corporation (NOC) is refusing to confirm or deny reports that the Ras Lanuf oil refinery will resume operations by 28th August. “I cannot confirm or deny anything because I have no information about this”, a NOC spokesman told the Libya Herald. Repeated announcements have been made regarding […]

Libya's Largest Refinery to Restart by 28th August

A trading manager at Libya's National Oil Corporation (NOC) has told Reuters that the country's largest refinery, Ras Lanuf [Ra's Lanuf], will restart production by 28th August. The prolonged closure of the plant caused shortages of jet fuel and naphtha, among other products, in the Mediterranean area, while freeing up additional volumes of light sweet […]