Libya's oil industry slowly rebuilding
Libya has oil reserves that are waiting for development, but no new contracts are out for tender
Click here to add International Crisis Group as an alert
Disable alert for International Crisis Group,
Click here to add Moammar Gadhafi as an alert
Disable alert for Moammar Gadhafi,
Click here to add National Oil Co. as an alert
Disable alert for National Oil Co.,
Click here to add Nuri Burrein as an alert
Disable alert for Nuri Burrein,
Click here to add The International Crisis Group as an alert
Disable alert for The International Crisis Group,
Click here to add Tripoli as an alert
Disable alert for Tripoli,
Click here to add Wintershall as an alert
Disable alert for Wintershall
Significant oil and natural gas discoveries are waiting to be developed in Libya though no new bidding rounds are expected soon, an executive said from Tripoli.
The Libyan oil sector has rebounded since last year's civil war and is producing around 1.6 million barrels per day, its pre-war level. Nuri Burrein, chairman of Libya's National Oil Co., said he expects output to increase by as much as 40,000 bpd by next year, the Platts news service reports.
He told an energy conference in Tripoli that production at some fields was lowered while pipeline repairs and construction get under way. His company teamed with German energy company Wintershall to build a pipeline to move oil from eastern Libya.
Libya last had a bidding round for oil and natural gas exploration in 2007, when seven contracts were offered mainly for natural gas. He said there were
significant natural resources in the country that have yet to be developed but said there wouldn't be another auction
until a proper government is in place.
The International Crisis Group, in a 49-page report published mid-September, said it didn't consider Libya a fully functioning state nearly a year after longtime leader Moammar Gadhafi died after falling into rebel hands.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow