Browsing: Oil & Gas

Libya’s National Oil Corporation (NOC) said on Thursday that it plans to reopen the Mabruk oilfield in the first quarter of 2023 with production up to 25,000 barrels per day.

U.S. Ambassador and special Envoy to Libya, Richard Norland said he and National Oil Corporation Chairman, Mustafa Sanalla, discussed in Tripoli “the critical importance to Libya and the global economy of restoring Libyan oil production immediately.”

U.S. Ambassador to Libya, Richard Norland, held talks on Tuesday with outgoing prime minister, Abdul Hamid Dbeibeh, at Libyan government headquarters in Tripoli.

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.

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.