March 27, 2013
Indonesia’s PT Medco Energi Internasional, through its subsidiary Medco International Ventures Ltd. has officially established a joint operating company (JOC) in Libya. The JOC is with partners NOC and the Libyan Investment Authority (LIA). The JOC is named Nafusah Oil Operations.
MedcoEnergi will own an interest of 24.5%, while NOC and LIA will own interest of 51% and 24.5% respectively of the JOC.
The establishment of the LIA follows its successful exploration program on Area 47. The exploration program saw 18 out of 20 well a discovery…read more
February 28, 2013
The Austrian oil and gas company OMV, which is part-owned by Abu Dhabi, posted a 25 per cent jump in revenues after reviving production in Libya that had been wiped out during the 2011 urising that ousted the Gaddafi regime from power.
Thanks to Libyan fields that had been completely shut-in for eight months during 2011 uprising getting back online, OMV’s overall oil and gas production increased by 5 per cent last year. However, it cautioned, that the security situation in Libya remained “volatile”.
Early this year, strikes in Libya also contributed to an overall drop in the country’s production…read more
February 19, 2013
The National Oil Corporation of Libya stated that the size of the country’s exports of oil last year exceeded 485 million barrels per day. The state-owned Corporation announced on Wednesday that the crude exports amounted to 485 million and 149 thousand barrels in 2012.
A statement of the NOC published on its website showed that the NOC exported 379 million and 508 thousand barrels last year, and rest quotas are to partners, pointing out that domestic consumption reached to 52 million and 668 thousand barrels.
The vital oil sector in Libya witnesses…read more
February 11, 2013
The Libyan Minister of Oil and Gas Dr. Abdulbari Alarussi confirmed the support of Libya to Saudi Arabia in its presidency of the Organization of Petroleum Exporting Countries (OPEC), revealing that the Saudi investor will launch two factories in Libya with 450 million riyals; a Cement and Sugar Factories.
He explained in a statement published newspaper Al-Hayat, that in spite of the Libyan revolution, the country has maintained a portion of the volume of oil production as it produces one million barrels per day…read more