FacebookInstagramTwitterContact

 

BORNEO HOUSING AGENCY: Shop House in Seria Town • Industrial Warehouse in Menglait, Gadong for Rent • Shop house in Gadong (Ground Floor) for Rent • Industrial Shops in Bunut for Sale • Land in Jerudong for Sale • • Shop house in Kiarong for Sale (B$380.00) • TEL: +6738732975           >>           Private Company Urgently Need Houses & Flats for Rent in Bandar Seri Begawan, Kindly Contact the ff. nos. for further information: +673 222 0178/+673 873 2975           >>           Samsung believes 'programmable objects' will blanket your home           >>           Internal Twitter email explains its new plans to fight abuse           >>           UK collected social media data as part of its mass surveillance           >>           UK post-war schools listed into national historic wonders           >>           CPC should have its say in realm of ideology: Xi           >>           U.S. Treasury says no major trading partner manipulates currency           >>           Chaos on car parks as motorists find meters won't take new pound coin           >>           Xi calls for "putting quality first" in economic development           >>           Kodam Tanjungpura Gelar Nobar “Merah Putih Memanggil”           >>           TYT commends state’s Indian community           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events


The Opening Ceremony of the Eco-Corridor and Mass Junjung Kasih and Kesyukuran Ceremony
October 22nd, 2017 | 07:15 AM


2017 Brunei Motor Show
October 28th, 2017 | 00:00 AM


Brunei Salebration
November 23rd, 2017 | 09:00 AM


JERUDONG PARK SCHOOL HOLIDAY SPECIAL
December 1st, 2017 | 00:00 AM


THE BRUNEI ISLAMIC TOUR EXPERIENCE
December 1st, 2017 | 00:00 AM





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 04:38AM

Subuh

: 04:48AM

Syuruk

: 06:05AM

Doha

: 06:28AM

Zohor

: 12:07PM

Asar

: 03:24PM

Maghrib

: 06:06PM

Isyak

: 07:15PM

 



The Business Directory


 

 



World Business


  Home > World Business


Libya Says Its Oil Recovery Is Struggling And OPEC Sympathizes


 


 October 12th, 2017  |  09:53 AM  |   414 views

LIBYA

 

Libya said it’s struggling to restore oil production and fellow OPEC members are sparing the nation from having to participate in their deal to cut output.

 

The North African nation has revived output to almost 1 million barrels a day, but it’s “very difficult’’ to say when that could increase to 1.25 million a day, said Mustafa Sanalla, chairman of the National Oil Corp. That’s a production target Libya gave to fellow producers at a meeting in July.

 

“We’re still suffering from the lack of budget,’’ Sanalla told reporters in London after two days of meetings with diplomats and oil companies. Libya has explained its challenges to OPEC, which “understands the situation very well,’’ he said.

 

The Organization of Petroleum Exporting Countries and Russia are leading a global coalition of oil producers in supply cuts aimed at clearing a world glut. The accord spared two OPEC members, Libya and Nigeria, while they tackled domestic crises that have hobbled their oil industries.

 

A recovery in the output of both nations prompted speculation they may be asked to join the agreement by restraining their output. Nigeria said it has now effectively capped its production, but no ceiling has been applied to Libya. At a meeting last month OPEC and its allies said they welcomed further recovery in both countries. Sanalla said he hopes to attend the next formal meeting of OPEC and its partners, scheduled for Nov. 30 in Vienna.

 

While Libya has resolved some internal disputes and restored output from a low of 550,000 barrels a day in April, the country still faces major challenges. The state-run oil company is only receiving about 25 percent of its investment budget and production could decline without the needed money, Sanalla said.

 

Output Challenges

 

Production has dropped by as much as 90,000 barrels on a single day because of insufficient funding for maintenance, Sanalla said. The nation lost more than 6 million barrels of potential output between July and September. Returning to full capacity of 1.6 million barrels a day “will take some time,’’ he said.

 

Twelve of the 19 storage tanks at the Es Sider export terminal are inoperative, and half of the 13 tanks at Ras Lanuf are out of action, he said.

 

The NOC held meetings this week in the U.K. with a number of stakeholders in Libya’s oil industry, from local tribes to international oil companies such as Eni SpA and Total SA. The meeting reached a “statement of principles’’ that will be passed to the conference on Libya’s political future to be chaired by the United Nations.

 

The principles include the resolution that NOC has a monopoly on the exploration, production, transport and export of oil and gas, and that all of the state-run company’s revenues will be sent to the Central Bank of Libya.

 


 

Source:
courtesy of BLOOMBERG

by Grant Smith

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


11 Parti Warisan Sabah members give police statement over Oct 10 rally

 2017-10-18 11:02:18

China's Xi says anti-graft campaign has 'overwhelming momentum'

 2017-10-18 10:32:22

Rio CFO, Ex-CEO Face SEC Fraud Charges Over $3 Billion Project

 2017-10-18 10:54:11