Local News: Economic News
Akakus increases its oil production by 10.000 barrels per day.
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Tripoli, 28 October 2024 (Lana): Akakus Oil Operations Company increased its daily oil production rate by 10,000 barrels as part of the National Oil Corporation’s (NOC) strategic plan to increase production. The corporation said that the production rate at the company’s Sharara field reached 284,616 barrels per day. The Sharara field, located in the Murzuq Basin in southern Libya, is one of the largest fields in Libya, with a production capacity of 300,000... Read more
Eni and BP resume their work in Libya.
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Tripoli, 27 October 2024 (Lana) The National Oil Corporation (NOC) announced yesterday that the Italian company "Eni" and the British company "BP" have resumed their exploration activities in Libya after a halt in drilling operations in the onshore area since 2014. It confirmed that the Spanish company "Repsol" is preparing to resume drilling operations in the "Murzuq" basin, while the Austrian company "OMV" will begin its activities in the "Sirte" basin in the coming. ... Read more
Reuters: Return of Libyan oil exports reduces prices in Europe.
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London, 16 October 2024 (Lana) Trading sources and analysts revealed that the resumption of Libyan crude output has led to a surplus in crude supplies in Europe, forcing competing sellers to cut their price. According to LSEG data, the premium of Azerbaijan's Azeri Light crude to benchmark dated Brent dropped to $1.55 a barrel, the lowest since April. Reuters quoted Sofia Priblodnaja, an analyst at FGE Energy, as saying that in the first 11 days of October,... Read more
Akakus completes drilling two wells in Sharara field.
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Tripoli, 8 October 2024 (Lana): Akakus Oil Operations Company has completed drilling two development wells (A41H, A44) in the A-NC115 reservoir in the Sharara field, bringing their production capacity to 3,500 barrels per day. The National Oil Corporation said on its official page that the initial results showed that the two wells contain high-quality rock and reservoir properties, and they are expected to enter the production line in the near future. = ... Read more
Board of Directors of the NOC discusses efforts to increase production rates.
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Tripoli 2 October 2024 (Lana) Board of Directors of the National Oil Corporation (NOC), headed by Chairman of the Board, Farhat Bengdara, held yesterday its 11th regular meeting for 2024 to discuss a number of topics related to the sector. According to the NOC’s communication office, the meeting discussed a number of oil sector issues, including the workflow of the affiliated companies and overcoming the difficulties they face within the framework of implementing the corporation's strategy to... Read more
