Exploration & Production

Libya to reopen oil sector to foreign investors

El Saharara oil field LibyaLibya froze all new foreign investment after the 2011 civil war, but today, they are producing over 700,000bpd with the hope the produce 1.25mnbpd by end-2017


Chairman of Libya's National Oil Company, Mustafa Sanalla, spoke this week in London, stating that Libyan oil production could jump 70 per cent if more money can be attracted from new investors. This is important for the entire country as this move could defend one of Libya's remaining independent industries. 

“We need more money than we get from the central bank,” Mr Sanalla said. “We are the only institution that can work across this difficult environment.” 

“Every single major oil-export route is now open, although some are operating at significantly reduced levels due to damage suffered in conflicts,” Sanalla said, according to the text of his speech. “For the moment the oil is flowing. This can be an important foundation of stability in Libya, if we build on it.”

Libya, with Africa’s largest crude reserves, is trying to revive its oil production and exports, despite the political uncertainty. In December, it re-opened its biggest oil field, Sharara. The production figures Sanalla announced represent a 23 percent increase from the 580,000 barrels a day that Libya pumped in November, according to Bloomberg.

 

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Iraq's oil minister stresses commitment to OPEC production cut

Iraqi Oil TankerIraq remains committed to OPEC production cuts while standing ready to satisfy global demand growth when the stock overhang disappears, said HE Jabar Ali Al-Luaibi, Iraq’s Minister for Oil, at a recent conference in London

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ABB deliver 98m E-House project in UAE

1st E House shipment vessel

ABB has shipped its first batch of nine electrical houses (E-Houses) to enable reliable power supply to offshore oil fields in United Arab Emirates

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SNC-Lavalin Fayez Engineering awarded five-year contract with Saudi Aramco

Siege social SNC Lavalin 12

SNC-Lavalin announced on 14 January that its consultancy partnership between SNC-Lavelin and Dr Zuhair Fayez, SNC-Lavalin Fayez Engineering, has been awarded a five-year extension to its existing General Engineering Services Plus contract

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Gulf Intelligence: Oil to average in the US$50 per barrel in 2017

31366629004 16d835c0d8 oGulf Intelligence, a UAE-based strategic communications consultancy, surveyed 250 energy national and international industry professionals and report that half of those surveyed believe the average oil price in 2017 will be in the US$50s a barrel 

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