Libya is facing a major oil crisis as a group comprising local tribesmen and members of the field’s security guard seized the largest field in the country, Sharara.
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OPEC is trying to persuade Libya and Nigeria to join cuts if the cartel agrees to reduce production, delegates told S&P Global Platts, while the OPEC and non-OPEC leaders of the deal, Saudi Arabia and Russia, are still discussing how much to cut and how to share these cuts out.
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The Wall Street Journal profiled Khalifa Haftar, the warlord that controls the eastern half of Libya and stands in opposition to the internationally-recognized government in the western half of the country.
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Several crude oil terminals in Libya have been closed due to inclement weather, with oil production in the country already down by 150,000 bpd and likely to drop by a further 50,000 bpd, Libya’s National Oil Corporation (NOC) said on Friday.
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Libya’s oil production has climbed significantly this year, but the war-torn North African nation still expects to be exempted from any production cut deal, despite the fact that the global oil market is starting to suffer from oversupply.
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Libya’s National Oil Corporation (NOC) chairman, Eng. Mustafa Sanalla, met with the CEO of Italian oil major Eni, Claudio Descalzi, at NOC headquarters on November 3, 2018, to discuss ongoing in-country operations, including plans for the seven remaining wells at the offshore Bahr Essalam Phase 2 project – expected to complete by the end of 2018.
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OPEC’s crude production climbed to the highest level since 2016 as increases by Saudi Arabia and Libya offset losses stemming from impending U.S. sanctions on Iran. The group’s 15 members boosted output by 430,000 barrels a day to 33.33 million a day in October, according to a Bloomberg survey of officials, analysts and ship-tracking data. That’s the highest since November 2016, just before the Organization of Petroleum Exporting Countries implemented production cuts to clear a…
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BP and Eni will begin exploratory drilling in Libya in the first quarter of next year, BP’s chief executive Bob Dudley told Reuters.
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Libya held on Wednesday an oil and gas forum in the eastern city of Benghazi, where its state owned National Oil Corporation (NOC) ”reached out to a region home to a parallel government backing a rival oil firm”, according to Reuters.
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An IS attack on the Tripoli HQ of Libya’s battered oil industry has presented the sector with its sternest test yet
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