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2017-01-26 18:45:00

LIBYA NEEDS $100 BLN

LIBYA NEEDS $100 BLN

WSJ - Libya intends to reopen its oil sector to new foreign investments, its state-run oil company's chief said Tuesday, a move that would give oil companies the opportunity to develop the largest petroleum reserves in Africa for the first time in five years.

Libya froze all new foreign investment in 2011 after the civil war that toppled strongman Moammar Gadhafi. International oil companies such as Total SA of France and ConocoPhillips have long had operations in Libya, and Eni SpA of Italy has found ways to keep pumping even as clashes among warring militias and Islamic State damaged the country's oil infrastructure.

Libyan National Oil Co. Chairman, Mustafa Sanallah, told a London energy conference Tuesday that he had been waiting for a "legitimate government with a mandate from the people to come to power" before allowing foreign investment again. But that hasn't happened.

"We cannot stand back and do nothing while the state disintegrates," Mr. Sanallah said in a speech at Chatham House, a think tank.

Libya's U.N.-backed unity government in Tripoli has struggled to assert control over the sprawling North African country. Militias still control Libya's most important infrastructure, and a separate government claims power in the country's eastern regions.

In an interview, Mr. Sanallah also said his company plans to bring its crude-oil output to 1 million barrels a day by April and to 1.25 million barrels a day at year end. If executed, that level of production would represent a remarkable turnaround in a place where violence and the lack of a working government resulted in output falling below 200,000 barrels a day in 2016.

Libya has been on the cusp of an oil-production rebound before, only to have it fizzle. This time would be different, Mr. Sanallah said, because Libya's political factions have agreed that oil flows are necessary.

The most recent ramp up has come after breakthroughs that included a U.S.-led route of Islamic State from its Libyan strongholds and the agreements among several militias to allow oil ports and fields to reopen.

While new foreign investment likely won't come fast enough to help with the production ramp up this year, Mr. Sanallah said it would help revive the long-term future of the country's oil industry.

Mr. Sanallah said he was in talks to rehabilitate a field partly owned by Total and a terminal where ConocoPhillips is a partner.

He said U.S., Chinese and South Korean companies have also approached Libya to invest billions of dollars in new oil and gas fields, refineries and petrochemical plants. He said he would meet some of the companies, which he didn't name, on Thursday during a London summit to promote investment in Libya.

Mr. Sanallah said studies before the civil war had estimated Libya's oil industry needed investment of $100 billion to $120 billion. He said he wants to return Libya to its prewar production level of 1.6 million barrels a day by 2022.

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Earlier: 

LIBYAN OIL WILL UP 

LIBYA WON'T CUT 

LIBYA RISES PRODUCTION 

LIBYA HAS STARTED 

LIBYAN OIL DOWN

 

 

 

Tags: LIBYA, OIL, INVESTMENT

Chronicle:

LIBYA NEEDS $100 BLN
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

LIBYA NEEDS $100 BLN
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

LIBYA NEEDS $100 BLN
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

LIBYA NEEDS $100 BLN
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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