(World Oil) – Libya’s oil and gas sector is set for a new era of growth and investment following the announcement of its first exploration bid round in 17 years. The Libyan government has officially launched the 2025 bid round for oil exploration, a long-anticipated move that marks a significant milestone in the country’s efforts to revitalize its energy industry.
(World Oil) – Eni is launching three exploration plays, TotalEnergies is expecting promising results from its recent onshore exploration project, and other developments were shared during an upstream IOC-led panel at the Libya Energy & Economic Summit. Libya’s National Oil Corporation (NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and Nabors outlined key exploration milestones and strategies to advance
Reuters LONDON – OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum Exporting Countries has pumped 24.59 million barrels per day (bpd) on average in
CNBC A truce in Libya has busted open a renewed source of oil supply, further threatening the commodity’s faltering recovery from its historic drop earlier this year. Libya’s main warring factions signed a purportedly permanent truce last week, a month after a blockade on the country’s oil exports by one faction in the country’s six-year-long civil war was lifted. This
Reuters LONDON – Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices. Brent was down 88 cents, or 2.1%, at $40.89 by 1306 GMT. U.S. West Texas Intermediate (WTI) dropped 92 cents, or 2.3%, to $38.93.
Reuters LONDON – Libya’s oil sector, shattered by unrest since the toppling of long-time leader Muammar Gaddafi in 2011, is back on the rise. The easing of a blockade by eastern forces, which had cut output by more than 90% to around 100,000 barrels per day (bpd), has seen production recover to about 500,000 bpd. The government in Tripoli expects
Reuters LONDON – Oil steadied on Monday, pressured by concerns over surging coronavirus cases globally and by Libya’s plan to boost output, however, prices found some support by hopes of a U.S. fiscal package and expectations of a vaccine by the end of the year. Brent LCOc1 was up 1 cent at $42.94 a barrel at 1203 GMT. U.S. crude CLc1 was also up
Reuters LONDON – OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum ExportingCountries pumped 24.38 million bpd on average in September, thesurvey found, up 160,000
Reuters LONDON – Oil edged up to around $42 a barrel on Wednesday, supported by rising investor risk appetite and a report that U.S. fuel inventories fell, although rising crude supply and concern of stalling demand capped gains. European equities rose after better-than-expected German manufacturing data, giving oil a boost. The American Petroleum Institute said U.S. inventories of gasoline and
Reuters LONDON – Oil prices rose on Tuesday as analysts took the view that renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day. Brent crude LCOc1 was up 62 cents, or 1.5%, at $42.06 per barrel at 1343 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 for October, due to expire
CNBC Oil prices fell on Monday, weakened by the possible return of Libyan production and as rising coronavirus cases stoked worries about global demand, although the market drew support as a tropical storm threatened to disrupt output in the U.S. Gulf of Mexico. Brent crude was down $1.69, or 4%, at $41.46 a barrel. West Texas Intermediate crude fell $1.85, or
Reuters LONDON – Oil prices were mixed on Friday after Libyan commander Khalifa Haftar said a blockade on Libyan oil exports would be lifted for one month, countering more bullish signals from an OPEC meeting on Thursday. Brent crude was down 17 cents at $43.13 a barrel by 1321 GMT while U.S. oil futures ticked up 6 cents to
