Libya Seeks Up to $40 Billion to Boost Oil Output to 2 Million Bpd
Libya Seeks Up to $40 Billion to Boost Oil Output to 2 Million Bpd What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Libya needs between $36 billion and $40 billion in foreign investment to expand its oil industry and raise output to 2 million barrels daily by the early 2030s, the Financial Times hasreported, citing National Oil Corporation chairman Masoud Suleman.
The ambition to boost production to 2 million barrels daily has been front and center for the conflict-torn country that remains heavily dependent on oil revenues.
Earlier this month, the head of the National Oil Corporation reiterated that this is the plan for the company, after the country’s parliament finally passed a unified budget for the current year.
The budget includes a $2-billion lifeline for the National Oil Corporation that will help it pursue its production growth plans.
“The era of delayed funding, which used to cause problems and concerns, both for us and our partners, is now behind us,” NOC chairman Masoud Suleman told Bloomberg in an interview earlier this month.
The budget plans and the payments make NOC more confident in attracting investments in the country's oil and gas sector, the top official also said.
The National Oil Corporation is already working on its plans, resuming oil tenders last year, after almost two decades of no tender activity amid a protracted civil war that made most international oil companies leave the North African country that is estimated to hold the most abundant oil resources on the continent.
In June, NOC formally signed exploration and production-sharing agreements from its 2025 bid round with international companies including Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL, marking the country’s first major licensing push in 17 years.
BP, Shell, Exxon, and Chevron are also returning to Libya as the security situation stabilizes, even though oil fields and infrastructure remain a top target for various groups seeking to apply pressure on the government.
Just recently, NOC had to declare force majeure on an oil export terminal following drone strikes.
U.S.-Iran Tensions Push Oil Prices Higher as Diesel Margins Hit Records What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Exxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire Hormuz Draft Agreement Reportedly Awaits Khamenei Approval Iran Says Hormuz Stays Closed Until U.S.
Meets Six Sweeping Demands US Crude Oil Inventories Build As Hormuz Shipping Headache Drags On Oracle’s $165 Billion Data Center Plan Hits a Gas Pipeline Delay Europe's Next Energy Crisis Won't Be a War, It'll Be Peak Oil Somali Piracy Surges Amid Hormuz Blockade The Hormuz Crisis Has Forever Changed the Economics of Energy Security Inside the U.S.–Israel–Saudi Plan to Cut I.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment