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2019-01-30 10:50:00

LIBYA NEED INVESTMENT $60 BLN

LIBYA NEED INVESTMENT $60 BLN

PLATTS - Libya's state National Oil Corp. is targeting a $60 billion overhaul of its oil and gas sector as it strives to reach a pre-civil war output level of around 1.6 million b/d by the end of this year.

During an interview on the sidelines of the JCCP International Symposium in Tokyo last week, Shaaban Bsebsu, chairman of Ras Lanuf Oil & Gas Processing Co., said Libya is producing around 1 million b/d of crude and aims to boost output to around 1.6 million b/d this year after overcoming technical and security challenges.

NOC clarified on Tuesday that if this investment is secured $20 billion will be allocated to revive the upstream business with the remaining $40 billion earmarked for downstream operations.

"[We] try to do this, but we have a lot of security problems we face, and we try to sort out conditions [to] be better," Bsebsu said. "[We] have a plan to reach more than 2 million [b/d] in 2020."

Ras Lanuf Oil & Gas is a subsidiary of NOC. NOC chairman Mustafa Sanalla has complained the company has not received the entire capital spending allocation from Tripoli in the last two years, which has made it difficult for the country's oil sector to revive its upstream business.

SECURITY, TECHNICAL CHALLENGES

Libyan crude output has risen sharply in the past two years, but security and political challenges continue to impede the oil sector. Despite expectations production will average just over 1 million b/d this year, the risk of conflict is unlikely to diminish anytime soon.

Areas in the southwest of the country, where the Sharara and El Feel oil fields are located, remain particularly prone to outages caused by chronic fuel shortages and security problems.

The country's production averaged 948,333 b/d last year, its highest annual average since 1.40 million b/d in 2012, according to Platts OPEC survey data. The country could produce about 1.6 million b/d before the civil war that started in 2011.

Libya's largest field, the 350,000 b/d Sharara, has remained shut-in since early-December after armed groups occupied the site.

The situation is expected to remain tense as forces loyal to Libya National Army, led by General Khalifa Haftar, are on their way to secure the field.

"We have a lot of challenges from the technical side point of view, and we need more investment to upgrade the older system," Bsebsu said.

With presidential and legislative elections due this year, various groups could increasingly focus on controlling the country's oil infrastructure and raise the risk of attacks on key pipelines and production facilities.

Last week, Sanalla reaffirmed that NOC would remain independent and wanted to detach itself from "political or military bargaining."

"Efforts to politicize our work are not in the interest of the Libyan people," Sanalla said in a statement. "NOC reaffirms its call for the immediate and unconditional restoration of security at Sharara. We reject any type of blackmail and intimidation as we work to improve the lives of every Libyan."

 

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Earlier:  

 N.Africa
2019, January, 7, 09:45:00

LIBYA'S OIL REVENUE UP 78%

REUTERS - Libya’s oil revenue rose to $24.4 billion in 2018, up 78 pct from 2017, Libya’s National Oil Corporation (NOC) said in statement on Sunday.

 

 

 N.Africa
2018, October, 10, 07:35:00

BP AND ENI IN LIBYA

BP - Libya’s National Oil Corporation, BP and Eni today signed an agreement expected to lead to Eni and BP working together to resume exploration activities on a major exploration and production contract in Libya.

 

 N.Africa
2018, October, 8, 10:55:00

КООПЕРАЦИЯ РОССИИ И ЛИВИИ

МИНЭНЕРГО РОССИИ - «Значительный потенциал российско-ливийского взаимодействия в энергетике сконцентрирован в нефтегазовом секторе. Крупнейшие российские компании заинтересованы в работе на энергетическом рынке Ливии», - сказал Александр Новак.

 

 N.Africa
2018, September, 3, 14:55:00

LIBYAN OIL UP

PLATTS - Libya's crude oil production edged up again this week, with increased output from two smaller fields in the east of the country, sources said Friday.

 

 

 N.Africa
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

 

 N.Africa
2018, July, 9, 15:15:00

LIBYA'S OIL PRODUCTION DOWN TO 527 TBD

REUTERS - Libya’s national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation (NOC) said in a statement on Monday.

 

 N.Africa
2018, July, 2, 12:10:00

LIBYA'S OIL DOWN

REUTERS - Libya’s oil production has been reduced to 315,000 barrels per day (bpd) as storage tanks at Hariga and Zueitina ports fill up due to eastern officials blocking exports, two Libyan oil sources said

 

 

Tags: LIBYA, OIL, PRODUCTION, INVESTMENT