Browsing: Business

A technical team from the Sirte Oil Company has managed to resume production from the C258H-6 well, which stopped since 2013 in the Zaltan field, located in the Libyan oil crescent close to the Gulf of Sidra, announced Libya’s National Oil Corporation (NOC).

Ahmed Abu Heisa, Libya’s Minister of Industry and Minerals, and Italian Ambassador to Libya, Gianluca Alberini, discussed on Sunday “the importance of strengthening economic cooperation between Italy and Libya and allowing the return of Italian companies to the North African country,” according to a statement by the Libyan Ministry of Industry.

Libya’s net revenue from the sale of crude oil, natural gas, condensates and petrochemicals exceeded $17 billion in the first ten months of 2023, the country’s state-owned National Oil Corporation (NOC) said in a statement on its official page on Facebook.

The Libyan dinar recovered some of its value in the black/parallel market against the major hard currencies Wednesday after steady losses over the last week. One popular exchange site quoted a low of LD 6.27 Tuesday, before recovering to LD 5.61 to the dollar Wednesday.