Oil drops more than 1% despite Middle East conflict
Oil prices lost more than 1% on Monday as the Middle East conflict’s limited impact on crude output prompted profit taking after oil benchmarks gained 2% last week. The conflict has also held up at least four liquefied natural gas tankers travelling in the area. “The realisation that oil supply has not been adversely impacted is leading last week’s bulls to take profit, with the move down somewhat exacerbated by a slightly stronger dollar,” said Tamas Varga of oil broker PVM. On Sunday the Houthi militia threatened a “strong and effective response” after the United States carried out another strike overnight. The economic situation also remains gloomy somewhat and the European Central Bank (ECB) last weekend warned against cutting interest rates too fast.
Source:Libya Today
January 15, 2024 20:27 UTC
Libya to roll out licensing rounds for domestic and international tenders
Libya to roll out licensing rounds for domestic and international tendersSpeakers participating during a finance panel at the Libya Energy & Economic Summit (LEES) shared that the country’s planned licensing rounds – for domestic companies as well as an international tender – will be launched soon, in line with national targets to more than double oil productionLibya is well positioned to rebuild its economy on the back of hydrocarbons and enhanced local participation. The country is ready to welcome foreign investment, with the government recently implementing a series of legislative reforms while advancing infrastructure development and the deployment of renewable energy. Ahmed Gaddah, Partner at Eltumi Partners, stated that, “Libya has great potential, and we have local capacity with Libyan insurers and contractors." Meanwhile, for the local economy, oil and gas is integral, representing the key to bolstering energy access, industrialisation and long-term gross domestic product growth. Abundant renewable energy potential has already begun to attract foreign players, while the government remains committed to steering an energy transition through low-carbon solutions.
Source:Libya Today
January 15, 2024 13:05 UTC
Libya’s NOC, Algeria’s Sonatrach extend oil production agreement to compensate for force majeure period
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.
Source:Libya Today
January 14, 2024 23:15 UTC
UN facilitates workshop discussing role of Libyan legislative bodies, civil society in security sector
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.
Source:Libya Today
January 14, 2024 20:27 UTC
NOC extends Sonatrach’s EPSA agreement to compensate for force majeure period
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).
Source:Libya Today
January 14, 2024 19:53 UTC
Oilinvest launches one million tree forestation initiative in Libya for Greenhouse Gas Removal
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)
Source:Libya Today
January 14, 2024 19:18 UTC
UAE Participates in Arab Housing Ministerial Forum in Libya
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)
Source:Libya Today
January 14, 2024 17:33 UTC
UAE participates in Arab housing ministerial forum in Libya
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.
Source:Libya Today
January 14, 2024 17:19 UTC
Greece posthumously honors citizens killed during humanitarian mission in Libya
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.
Source:Libya Today
January 14, 2024 15:56 UTC
Sonatrach, NOC agree to extend exploration periods in Ghadames Basin in Libya
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Source:Libya Today
January 14, 2024 15:47 UTC
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Libya designing ‘attractive’ oil and gas bid round for fourth quarter
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.
Source:Libya Today
January 14, 2024 15:29 UTC
National Oil Corporation reveals energy plans at Libya Energy Summit- Republic World
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.
Source:Libya Today
January 14, 2024 15:11 UTC
National Oil Corporation (NOC) Reveals Ambitious Energy Plans at Libya Energy Summit
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.
Source:Libya Today
January 14, 2024 12:19 UTC
Leaders of Italy and Malta skip Libya Energy and Economic Summit
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.
Source:Libya Today
January 14, 2024 10:11 UTC
Turkey underlines Libya’s oil, gas potential, declares readiness for cooperation
(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.
Source:Libya Today
January 14, 2024 08:42 UTC