Shell lifts its first crude cargo from Libya in 5 years - industry sources. Libya Doubles Oil Production Since OPEC's Algeria Meeting. On a live interview at a local TV station today, Ibrahim Al-Awami, Libya's National Oil Corporation spokesman has reported that the country's oil production has rose to 670,000 bbl/day this week, up from the 363,000 bbl/day that the country produced when OPEC members representatives met in Algeria the last week of September Libya's National Oil Corporation, NOC, is pushing hard to reach its previously set goal of 900,000 bbl/day before the end of the year.
Al-Awami expressed his confidence in the country's ability to quickly raise its output to 1.5m bbl/day if the government approves a proper budget to fund NOC operations. NOC is also working through judicial and political channels to reopen the 2 main fields in the south western region of the country, Al-Sharara (Operated by a JV with Repsol), and Al-Feel (Operated by a JV with Eni).
This rapid production increase comes in a critical time. The ultimate goal of OPEC's deal is to control oil prices. By Ahmed Ben Mussa for Oilprice.com. Agreement reached to unify Libya's National Oil Corporation. Libya's oil production has dropped significantly since 2011.
(Image source: Neon Light/Shutterstock)Rival leaders of Libya’s National Oil Corporation have reached an agreement to unify the state company under a single management, a move which could help to revive the country’s embattled oil sector as well as boosting the prospects of the UN-backed unity government and its Presidency Council According to a statement on the NOC website, Mustafa Sanalla, the head of the NOC in Tripoli, will become chairman of the unified company, which will be based in Benghazi in the east. Sanalla’s eastern Libya counterpart, Dr Nagi el-Maghrabi, will join the NOC board. “We made a strategic choice to put our divisions behind us and to unify and integrate NOC,” Sanalla said in the statement.
“This agreement will send a very strong signal to the Libyan people and to the international community that the Presidency Council is able to deliver consensus and reconciliation. The Prize: Libya's Hydrocarbon Wealth. Libya's oil potential: down the drain? Libyan crude was two per cent of global oil supplies and valued because it played a key role in Italy, France and Spain’s downstream energy markets.
Libya was one of the Arab world’s leading oil exporters after Colonel Gaddafi’s bloodless coup in 1969. Gaddafi played a major role in diluting the power of Western oil majors, who had traditionally dominated the postwar oil and gas exploration, producing, refining trading and retailing markets. The Libyan regime forced “independent” oil firms like Occidental Petroleum to hand over higher royalties and control over both production and pricing decisions. Libyan crude was two per cent of global oil supplies and valued because it played a key role in Italy, France and Spain’s downstream energy markets. This was the reason that Brent crude spiked as high as $128 when Britain and France began Nato’s bombing mission after a popular uprising erupted against the Gaddafi regime in April 2011.
By Sarie Khalid. New Gas Discovery in Ghadames Basin. Posted on 03 January 2014.
Tags: Algeria, gas discovery, India, Indian Oil, National Oil Corporation (NOC), Oil India, Sonatrach A new gas discovery has been made in the Ghadames Basin, with the drilling of the 96-1-1B well on Area 95/96. A statement by the National Oil Corporation (NOC) said drilling of the well resulted in a natural gas discovery. The Area 95/96 concession is owned jointly by Sonatrach, Oil India, and India Oil. The B1-96/01 well is the third discovery well in this contract area drilled by Sonatrach. (Source: NOC) Oil production will continue in Libya for nearly a century – Etilaf Musharaka. {d980a51f-c70f-4d4f-8a5b-b2f8a890953c}_Libya_Energy.jpg (JPEG Image, 580 × 367 pixels) Libwatermapaquifer.jpg (JPEG Image, 593 × 610 pixels)