Chairman of the Libyan National Oil Corporation (NOC), Mustafa Sanalla, said they are considering the declaration of the state of force majeure within the next 72 hours unless production and shipping is resumed at the oil ports in the Gulf of Sirte.
Browsing: Business
Abu Dhabi-based W Solar Investment announced a plan to invest in the green energy sector in Libya by building solar photovoltaic power generation plants.
The Energy Committee of the House of Representatives has cautioned against any step that could obstruct the work of the National Oil Corporation (NOC) and called for keeping the state-owned oil company away from the ongoing political strife and conflicts.
Oil prices tumbled on Wednesday on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential economic recession after recent central bank rate hikes, which also weighed on equities, Reuters reported.
Libyan Oil Minister, Mohamed Aoun, discussed with Director General of Eni North Africa – Libya branch, Antonio Bolsari, the possibility of future cooperation in developing offshore and onshore oilfields.
Libyan oil total production is at about 700,000 barrels per day (bpd), the Libyan oil minister Mohamed Oun told Reuters on Monday.
Libya’s oil output is holding up at about 700,000 barrels a day, helping ease fears the shutdown of ports and facilities by protesters had left production on the brink of collapse, according to a report by the Financial Times.
Libya’s daily oil production, which averaged 1.2 million barrels last year, is down by about 1.1 million barrels, Oil Minister Mohamed Oun told Bloomberg on Monday.
The European Union has launched the E-NABLE project, which objective is to support major Libyan economic institutions in adopting digital economic governance tools and improving digital services provided to companies, according to a statement by the the ministry of economy affiliated with Dbeibeh’s government.
Oil prices sank on Friday, after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures.