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Page added on June 1, 2014
Libya hopeful about its oil sector
The chairman of the Libyan National Oil Corp. said the government aims to hold an auction for new oil licenses once political hurdles are cleared.
Companies interested in investing in Libya, once a premier North African oil producer, have said the nation’s troubled security sector and tough contractual terms are keeping them at bay.
NOC Chairman Mustafa Sanallah told potential investors at an energy conference in London another bidding round is expected once a permanent government is formed and new draft oil laws are ready.
“Hopefully by next year the situation will be very clear,” he said Thursday.
The latest monthly market report from the Organization of Petroleum Exporting Countries, of which Libya is a member, says the North African nation produced 238,000 barrels of oil per day in April, down from the first quarter average of 364,000 bpd and well below its 2012 level of 1.4 million bpd.
Optimism over a rebound in the Libyan oil sector increased in April when the NOC announced it lifted an emergency declaration on oil operations at its Zueitina terminal in the east of the country, where anti-government forces have control.
Austrian energy company OMV, one of the latest companies to report on Libya, said production from its operations in Libya has been shut down since the middle of March. Its low-end production forecast for 2014 assumed no production from Libya going forward.
2 Comments on "Libya hopeful about its oil sector"
noobtube on Sun, 1st Jun 2014 7:30 pm
It is sickening to see the Northern invaders destroy the peaceful state of Libya and then turn around and steal all of its natural bounty for the benefit of these invader scumbags, while the people suffer (yet again) from the worthless trash calling themselves the 1st world.
If hell exists for Africa, the United States and ‘Europe’ certainly have made it so for the people of Africa.
bobinget on Mon, 2nd Jun 2014 9:38 am
Intramural fighting rages at this very moment in
Benghazi and elsewhere.
Heavy fighting is raging in the eastern Libyan city of Benghazi, apparently between the armed group Ansar al-Sharia and irregular forces loyal to Khalifa Haftar, a former army general.
Witnesses said on Monday that gunfire, which began the day before, could be heard across the city, particularly coming from a special forces army base in a western suburb of Benghazi.
At least seven people have died and about a dozen more have been wounded in the fighting, news agencies reported.
Haftar is campaigning to rid Libya of fighters that he says the federal government has failed to control.
Suleiman El Dressi, a Benghazi resident in the area of the clashes, told Al Jazeera that two people had been killed as a result of explosions there.
“Residents are at home and they are very scared, waiting for the clashes to be over,” he said.
“Central government cannot control anything happening here, in the east [of the country], they are hopeless and useless.”
Aljazeera