Libya’s oil production will not return to pre-civil war levels until the end of next year, while 10 percent of the nation’s energy infrastructure remains badly damaged. Speaking at an economic forum in Doha, Qatar, Nuri Berouin, the chief of Libya’s National Oil Corp. said crude oil output should reach pre-war levels of 1.7 million […]
Archive | Oil & Gas
OPEC Oil Output Rose in October on Libya, Saudi Arabia, IEA Says
OPEC crude production rose in October as Libyan output recovered quicker than expected and Saudi Arabia pumped more, the International Energy Agency said. Daily supply from the Organization of Petroleum Exporting Countries’ 12 members increased to 30.01 million barrels a day in October from 29.91 million in September, the Paris-based agency said today in its […]
As Oil Production Rises, Libya Expects to Hit Prewar Levels by June
The acting Libyan oil minister, Ali Tarhouni, said on Thursday that so much progress was being made in resuscitating the country’s oil fields that production would return to more than 40 percent of its prewar level by the end of the year and completely recuperate by June. “Things are going very well,” he told reporters […]
Exclusive: Libya vets big fuel import deals in Istanbul
Top oil majors and trading houses met Libyan oil officials in Istanbul this week for their first chance to win multi billion dollar deals to supply fuel needed to keep the new government on its feet. Libya plans to purchase nearly three million tons of gasoline alone, worth close to $3 billion at current prices. […]
Huge Obstacles Impeding Libya's Stability
A new study has pointed to lack of political stability and security as Libya's main hurdles on the road to post-conflict reconstruction and economic recovery. Though officially declared as "liberated", Libya is considered an "extreme risk" country. Prior to the uprisings, Libya's hydrocarbon industry accounted for over 95% of export earnings and between 85% and 90% […]
Eni Profit Rises 7% as Higher Oil Prices Counter Lost Output
Eni SpA, Italy’s largest oil producer, reported better-than-estimated third-quarter earnings as higher oil prices countered lower production from Libya. Adjusted net income rose 7 percent to 1.8 billion euros ($2.5 billion) from 1.7 billion euros a year earlier, the company said in a statement. That beat the 1.5 billion-euro average estimate of 15 analysts surveyed […]
Libyan Economy to Contract More Than 50% This Year, IMF Says
Libya’s economy will contract more than 50 percent in 2011 after eight months of fighting that paralyzed its oil industry, the International Monetary Fund said. “The conflict has had a severe impact on economic activity heavily dependent on hydrocarbons,” which account for more than 70 percent of output and 95 percent of exports, the fund […]
Conoco earnings fall on Libyan instability
ConocoPhillips, the third-biggest US oil company by market capitalisation, reported a 16 per cent drop in third-quarter earnings, citing a range of factors, including suspended operations in Libya and offshore China. The company, which next year will split its exploration and production and its refining operations into two separate companies, on Wednesday reported earnings of […]