The Libyan National Oil Corporation’s Chairman, Farhat Bengdara, and the Algerian state Sonatrach Company’s General Director, Rachid Hachichi, signed today annexes to extend the Exploration Production Sharing Agreement (EPSA) agreements for Area 95/96 and Area 65, to compensate Sonatrach for the suspension period due to the force majeure situation, according to the Government of National Unity (GNU). The government media page said the NOC indicated that the goal is to enable Sonatrach to return to completing its contractual obligations as quickly as possible, following its announcement of lifting the state of force majeure on 7th November 2023, for the contractual areas (95/96) and (65), GNU said in a statement today.

UN Support Mission in Libya (UNSMIL) facilitated a workshop of members from the House of Representatives (HoR) and High Council of State (HCS) with military, security, and civil society actors on 9 and 10 January, advancing security sector reform and governance in Libya. The workshop discussed the role of legislative bodies & civil society in security sector reform and the importance of coordination among all relevant actors. It also recognized the crucial role of the 5+5 Joint Military Commission in implementing the 2020 Ceasefire Agreement, according to UNSMIL. The workshop concluded with recommendations from the HoR and HCS participants, setting out principles and steps in the common pursuit of effective security reform in Libya, the Mission said in a statement.

The Tripoli based Libyan government media page reported that the Chairman of the state National Oil Corporation (NOC), Farhat Bengdara, and the General Director of the Algerian state Sonatrach Company, Rachid Hachichi, signed today the annexes to extend the Exploration Production Sharing Agreement (EPSA) agreements for Area 95/96 and Area 65, to compensate Sonatrach for the suspension period due to the force majeure situation. The government media page said the NOC indicated that the goal is to enable Sonatrach to return to completing its contractual obligations as quickly as possible, following its announcement of lifting the state of force majeure on 7th November 2023, for the contractual areas (95/96) and (65).

Libya’s Oilinvest Group announced yesterday the launch of a tree forestation project in Libya of one million trees. Carbon creditsThis collaboration, Oilinvest explained, aims to generate carbon credits to contribute to Oilinvest’s commitment to climate change mitigation and at the same time combat the adverse effects of deforestation and desertification. Through its portfolio, the Oilinvest Group supplies, trades, refines, and markets petroleum products in 5 European territories: Germany, Italy, The Netherlands, Spain, and Switzerland. Once completed and fully grown, it is estimated that 1 million trees can absorb more than 10 million kilograms of CO2 per year, Oilinvest added. Ministry of Planning confirms development of integrated plan to plant 100 million trees by 2030 (libyaherald.com)The 2023-24 tree planting season launched to activate the 100 million trees by 2030 initiative (libyaherald.com)Tree-planting campaign launched in Sirte (libyaherald.com)Gharian to plant one million olive trees and 500k almond trees (libyaherald.com)

Abu Dhabi [UAE], January 14 (ANI/WAM): The UAE participated in the 40th session of the Arab Ministerial Forum for Housing and Urban Development (AMFHUD) in Tripoli, Libya. Mohamed Al Mansoori, Director of the Sheikh Zayed Housing Programme, led the UAE delegation.He said that the UAE is committed to working with other Arab countries to improve housing conditions. He also noted that the UAE has made significant progress in the housing sector, with a home-ownership rate of 90 per cent, which is the second highest in the world. The Zayed Housing Program has issued more than 62,000 housing support decisions worth over AED44 billion since its establishment in 1999, he went on to explain, adding that the programme provides financial support and builds housing units that meet the needs of UAE citizens. (ANI/WAM)(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

Abu Dhabi [UAE], January 14 (ANI/WAM): The UAE participated in the 40th session of the Arab Ministerial Forum for Housing and Urban Development (AMFHUD) in Tripoli, Libya. Mohamed Al Mansoori, Director of the Sheikh Zayed Housing Programme, led the UAE delegation. He said that the UAE is committed to working with other Arab countries to improve housing conditions. He also noted that the UAE has made significant progress in the housing sector, with a home-ownership rate of 90 per cent, which is the second highest in the world. The Zayed Housing Program has issued more than 62,000 housing support decisions worth over AED44 billion since its establishment in 1999, he went on to explain, adding that the programme provides financial support and builds housing units that meet the needs of UAE citizens.

The awards were presented to their father Kanakis Mandalios and their sister Lilian Mandalios, in the presence of their mother, relatives and friends. “I know that the pain of their loved ones does not ease, no matter how many honors are given to them. The Greek interpreters were among five members of a Greek humanitarian aid team and three members of a Libyan family who died in a road collision in eastern Libya on September 17 last year. The storm affected several cities, including Benghazi, Bayda, Al Marj, and Soussa, resulting in massive destruction of infrastructure and a significant loss of life. Derna was hardest hit by the deadly flooding, causing the city’s dams to burst, washing away homes and people.

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Libya is designing an oil and gas bidding round, expected to be held in the fourth quarter of this year, that is “very attractive” for investors, a member of the National Oil Corporation’s board said. An oil blockade that year imposed by eastern Libyan military leader Khalifa Haftar cost Tripoli $6 billion in lost oil revenues. Protests by loosely affiliated local groups have also threatened to bring the country’s oil production to a standstill. Over the past few days, some groups have also threatened to shut down two oil and gas facilities near the Libyan capital Tripoli. In a separate session, Libyan Economy Minister Mohamed Al Hwej said LIA's assets frozen by sanctions overseas could be used to invest in the country’s oil sector.

AdvertisementNOC Plans: The oil production in Libya reached 1.2 million barrels per day (bpd) in 2023, falling in line with national efforts to ramp up production to two million bpd within three years. Farhat Omar Bengdara, Chairman of Libya’s parastatal National Oil Corporation (NOC), highlighted the jump in oil production, local content development and decarbonization of the energy sector as strategies to drive long-term industry growth. AdvertisementRecently, the NOC has also announced plans to increase oil production by 100,000 bpd in 2024, with two bidding rounds on track for this year. “Increase in gas and oil production is coupled with strategic partnerships that guarantee logical returns for us and our partners,” Bengdara stated. Furthermore, in addition to oil, Libya’s condensate production reached 52,000 bpd in 2023.

Oil production in Libya reached 1.2 million barrels per day (bpd) in 2023, falling in line with national efforts to ramp up production to two million bpd within three years. As such, the NOC recently announced plans to increase oil production by 100,000 bpd in 2024, with two bidding rounds on track for this year. “Increase in gas and oil production is coupled with strategic partnerships that guarantee logical returns for us and our partners,” Bengdara stated. Bengdara stressed the importance of a balanced approach to Libya’s energy transition, highlighting the company’s aim to navigate a prosperous energy future through a dedication to responsible practices. Furthermore, in addition to oil, Libya’s condensate production reached 52,000 bpd in 2023.

The Libya Energy and Economic Summit opened in Tripoli yesterday with the participation of several international trade and energy stakeholders, but with the absence of high profile guests that were initially set to be there, namely the top leaders of Italy and Malta. They were scheduled to participate in the launch ceremony of the summit yesterday, and both were set to deliver opening speeches alongside Libyan Prime Minister Abdul Hamid Dbeibeh, as shown by the summit’s program agenda. However, neither of the European leaders attended or even delivered speeches online. No statement from the governments of Libya, Italy and Malta was issued to explain the reasons. While the absence of top European leaders was a snub to the Libyan government-sponsored event, Dbeibeh, nevertheless, managed to secure the participation of representatives of key European energy stakeholders including Eni, TotalEneregies, Repsol as well as Malta’s Energy Minister Miriam Dalli.

(MENAFN) On Saturday, Turkey's energy minister emphasized the significant potential of Libya in the fields of oil and gas, reiterating Ankara's willingness to cooperate with both countries and companies to assist Libya in harnessing this potential. Alparslan Bayraktar made these statements during the Libya Energy & Economic Summit 2024, an event organized by Energy Capital & Power (ECP) under the theme "A New Libya: Built on Energy." The summit was held in collaboration with key entities, including the Libyan Prime Ministry, the Ministry of Oil and Gas, the National Oil Corporation (NOC), and the Renewable Energy Authority of Libya. “To address all these challenges and to secure energy supply, reliable and affordable energy supply is becoming increasingly difficult each and every day,” Bayraktar declared, emphasizing the critical need for international collaboration, Bayraktar underscored the urgency to address these challenges directly. The minister underscored Libya's substantial potential in areas extending beyond oil and gas, placing particular emphasis on the country's capability for the development of renewable energy.

(MENAFN- Kuwait News Agency (KUNA)) Report by Khaled JabbarTUNIS, Jan 14 (KUNA) -- Libya's political spectrum has remained stagnant amid the nation's splinter into warring entities embroiled in very complex political disputes. Mustafa Abdulkabir, an expert in Libyan affairs, has ruled out in an interview KUNA prospects of national conciliation in 2024, as "all the indications are negative with respect to holding comprehensive elections." Members and blocs of Aguila Saleh's parliament are at odds over the vision for establishing a unified authority. Moreover, the squabbles often shift to the streets with recurring gunfights among the divergent groups, aggravating the jitters and maintaining economic paralysis in the oil-rich nation. He added that 2024 would be a hard year for the Libyans with no glimmers of hope to resolve the mounting political, economic, and social problems, afflicting the nation since the ouster of Colonel Moammar Al-Gdahafi's regime in 2011.

Türkiye's energy minister on Saturday highlighted Libya's potential in oil and gas, reaffirming Ankara's readiness to collaborate with countries and firms to help Libya use this potential. “To address all these challenges and to secure energy supply, reliable and affordable energy supply is becoming increasingly difficult each and every day,” Bayraktar stated, stressing the urgency for international cooperation to tackle these issues head-on. The minister highlighted Libya's significant potential in fields beyond oil and gas, emphasizing the nation's capacity for renewable energy development. - Minister highlights smart energy transitionBayraktar's speech also focused on the nature of energy transition, advocating for a "smart energy transition" characterized by responsiveness, rational decision-making, flexibility, justice, and digitization. He called for the development of policies and regulations that would foster a sustainable shift in energy production and consumption.