by Daniel J. Graeber
Zurich (UPI) Mar 15, 2017
A spokesperson for Austrian energy company OMV said oil production in Libya is ongoing and the opportunity for gains is expected this year.
Libya is one of the members of the Organization of Petroleum Exporting Countries exempt from a deal limiting oil production so it can steer its oil revenue toward national security issues. Libya has struggled with security issues at least since the so-called Arab Spring movements and production has been far below historic peaks at about 1 million barrels per day.
Industry sources reported Libyan production declined 111,000 barrels per day to around 600,000 barrels per day as conflict reignites in the so-called oil crescent. The U.N. High Commissioner for Human Rights said Tuesday it's seen reports of summary executions and torture in the conflict zones in Libya.
A spokesperson for OMV said in response to emailed questions that it was staying the course in Libya despite renewed unrest.
"OMV production is ongoing, with a planned level of 10,000 barrels per day for the full year 2017," the spokesperson said.
Improvements in the national security situation in Libya earlier this year led the company in February to announce it was able to start production at two of the country's larger oil fields. The company at the time said it's been a "trustful partner" with recognized Libyan oil authorities even during challenging times. Subject to improvements in the security situation, OMV said it could in theory raise its total production in Libya to a maximum of 50,000 barrels per day.
CEO Rainer Seele said in a statement that his company remains "fully commitment" to investing in Libya in the future.
Washington (UPI) Mar 14, 2017
The dramatic drop in crude oil prices is in large part because of "aggressive" output in the United States, but OPEC still factors in, a Russian minister said. Crude oil prices declined 5 percent Wednesday after a federal U.S. report revealed dramatic gains in crude oil storage and production levels. The U.S. shale oil boom that evolved over the last decade put negative pressure on crud ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|