Libya’s National Oil Corporation (NOC) and British Petroleum (BP) have agreed to resume exploration activities in line with a 2018 deal between the two companies and Italy’s ENI, the Libyan company said on Friday.
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Browsing: Oil & Gas
The state-owned Libyan National Oil Corporation (NOC) announced on Friday that the country’s daily oil production has dropped by 100,000 barrels per day due to its inability to maintain oil tanks damaged by armed conflicts.
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Oil prices fell, on Thursday, on some profit-taking, but remained supported by a supply shortage as OPEC + producers stuck to moderate increases in production.
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Oil futures fell nearly one percent during the Asian session after jumping to their highest level since October 2014.
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OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output.
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Oil slipped on Thursday as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014, Reuters reported.
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Libya plans to keep oil output at 1.2 million barrels per day (bpd) in 2022, Mustafa Sanalla, the chairman of the state-owned National Oil Corporation (NOC) told a news conference on Wednesday in Tripoli.
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Chairman of the National Oil Corporation (NOC), Mustafa Sanalla, directed a letter to the Acting Head of the Audit Bureau, asking him to immediately stop addressing oil companies regarding the issue of prior control over their contracts.
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Libya’s National Oil Corporation (NOC) had net revenue of $21.6 billion in 2021, with $4.3 billion in net revenue during November and December, it said in a statement on Friday.
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Libya’s oil production is rising gradually after a blockade of its western fields ended and ports in the east re-opened, according to Oil Minister Mohamed Aoun.
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