Libya’s $60 Billion Push To Double Oil Production.
Mustafa Sanalla, chairman of Libya’s internationally recognized National Oil Corporation (NOC), held meetings with U.S. companies at the Offshore Technology Conference (OTC) in Houston this week, to discuss US$60 billion worth of procurement contracts necessary to more than double Libyan oil production by 2023. Libya, which currently pumps around 1.2…
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MayLibya’s NOC opens first international office in Houston, US
The Libyan National Oil Corporation (NOC) inaugurated its first international office in Houston ,saying the office is mandated to lead a 60 billion USD procurement drive to upgrade Libya’s oil and gas sector and increase production capacity to 2.1 million barrels per day by 2023. The Chairman of the NOC,…
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MaySaudis Said Willing to Meet All Orders From Ex-Iran Oil Buyers
Saudi Arabia plans to meet all requests for oil purchases it has received for June, notably from countries that had to stop buying Iranian crude because of recent U.S. sanctions. The world’s biggest oil exporter has received moderate requests from customers for shipments next month, including from former buyers of…
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MaySaudi coastguard rescues distressed Iranian tanker
AN Iranian-owned tanker laden with one million barrels of Iran crude “experienced engine failure and total loss of control” in the Red Sea, and requested Saudi coastguard help, regional news reports said. The suezmax Happiness I was one of two National Iranian Transport Co ships that attracted attention for unusual…
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MayWhy Oil Market Gains May Be Short-Lived
Brent crude has experienced some explosive gains this year. It is up nearly 36 percent year-to-date (YTD) while WTI crude oil is up 40 percent YTD. The stellar performance in the oil market has been mainly due to the pledge made by the OPEC countries to keep the supply under…
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