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           >>           Mexican Economy To Face Several Uncertainty In 2018, Says Minister           >>           Tokyo Stocks Open Flat As Buying On Wall Street's Lead Offset By Profit Taking           >>           Roundup: Trump Gov't Exploits New York Blast To Push Immigration Reforms           >>           Skiing Brings Winter Sporting Fun To Vast Desert In Inner Mongolia           >>           China Treasury Bond Futures Open Lower Tuesday           >>           Researchers Create Prosthetic Hand That Offers More Lifelike Dexterity           >>           Russian Hackers Steal $10 Million From Atms Through Bank Networks           >>           Tech Pioneers Tell FCC: 'You Don't Understand How The Internet Works'           >>           What Is Mars Made Of? | Composition Of Planet Mars           >>           Superfoods To Combat Arthritis: Ginger, Berries, Fish And Other Anti-Inflammatory Foods           >>          

 

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


1001 inventions – Fountain
December 13th, 2017 | 09:00 AM


Motorcross Challenge
December 15th, 2017 | 08:00 AM


December Fruit Festival
December 15th, 2017 | 00:00 AM


Mystery On Aisle 5
December 15th, 2017 | 19:30 PM


Entrepreneurship Open Day
December 15th, 2017 | 08:30 AM





Prayer Times


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


Imsak

: 04:45AM

Subuh

: 04:55AM

Syuruk

: 06:19AM

Doha

: 06:43AM

Zohor

: 12:15PM

Asar

: 03:37PM

Maghrib

: 06:09PM

Isyak

: 07:24PM

 



The Business Directory


 

 



World Business


  Home > World Business


Libya Says Its Oil Recovery Is Struggling And OPEC Sympathizes


 


 October 12th, 2017  |  09:53 AM  |   521 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


EIS Covers 935,000 In Sabah

 2017-12-12 08:41:09

Chinese Rooftop Climber Dies In 62-Storey Fall

 2017-12-12 08:51:22

Saudi Arabia Plans To Raise Gas Prices By 80% In January

 2017-12-12 09:42:38