Rosneft is the latest oil company to return to Libya and Africa's largest reserves as they sign an exploration and production deal
Moscow-based Rosneft have agreed to invest in exploration and production in Libya, the National Oil Corp of Libya stated on its website on 21 February. In addition, Rosneft have also signed a separate accord to by Libyan crude.
This comes a matter of weeks after Libya had declared itself open for business in a bid to attract more foreign investment and increase its production to 2.1mn bpd by the end of 2020.
“We need the assistance and investment of major international oil companies to reach our production goals and stabilise our economy,” NOC Chairman Mustafa Sanalla said in the statement.
Jadadalla Alaokali, an NOC board member, said last week that Libya’s crude production exceeded 700,000 bpd and is due to reach 1.2mn bpd by August and 1.7 mn by March 2018, when the nation’s ports and export terminals will be operating at full capacity.
China Energy Company Limited (CEFC China) and Abu Dhabi National Oil Company (ADNOC) signed an agreement on 20 February 2017, awarding CEFC it the final 4 per cent interest in Abu Dhabi's onshore oil concession
The International Energy Agency (IEA) released its Oil Market Report on 10 February 2017 stating that global oil supplies plunged by nearly 15 mn bpd in January 2017, with both OPEC and non-OPEC countries producing less oil
Jadwa Research have released its February 2017 Chartbook to show the rise in OPEC oil prices and the slowly down of exports to Middle Eastern countries
Lukoil look to the Middle East for growing oil projects while Baker Hughes are not slowing up in the Middle East despite OPEC production cuts