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Author: LS

NOC and Eni’s Future projects

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NOC Chairman Mustafa Sanalla met a team from IOC partner Eni to discuss review future plans.

As for future projects, following the successful completion of Bahr Essalam Phase 2 Project, NOC and Eni are now cooperating to proceed with the FEED activity to develop Structure A&E gas fields at nearby Bar El Salam field.

Further development opportunities were studied in the Bouri offshore field with the aim of improving hydrocarbon recovery. Potential undeveloped oil and gas discoveries in the onshore Ghadames Basin are also being assessed

NOC and Eni will also study the feasibility of solar plants and wind farms, with both parties agreeing that renewables can meet the demand for more electrical power without increasing local hydrocarbon consumption, while freeing up new gas resources.

Mellitah Oil and Gas: massive losses

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Libya’s National Oil Corporation announced that Mellitah Oil and Gas, its joint venture with Italy’s Eni, is losing 155,000 barrels per day of oil due to a blockade of most of Libya’s oil ports and fields.

Mellitah is also losing 145 million standard cubic feet per day of gas, and its total daily loss of revenues is $9.4 million, the NOC stated.

Tazirbu Municipality will receive financial support

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Today, Libyan Interim Prime Minister Abdullah Al Thni approved the allocation of 17 million dinars for government projects in Tazirbu Municipality.

The president’s approval came during a meeting he held at the Cabinet Office in Qirnada, during which all the projects presented by the municipality were discussed.

All the parties in this meeting discussed the progress of the already launched projects and the implementation rates they reached, especially projects directly contracted by the Council of Ministers which are at the value of 7 million Libyan dinars.

Libya: investment opportunities in the Eastern region

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During a meeting with the Privalization and Investment Board of the Eastern region, Benghazi Municipal Council addressed the Investment Map and the opportunities offered by the commission, as well as the measures and facilities it undertakes to encourage the investors.

Today, the Municipal Council recommended a sustained effort in order to overcome the problems and difficulties faced by foreign and local investors.”

It should be noted that the Municipal Council emphasized the important role of the private sector in achieving development and economic recovery.

A warning about Libya’s national debt

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Ghassan Salame claimed that “Libya’s national debt surpassed 100 billion dinars and is spiking upwards”. He also added that expenditures on salaries proliferate as competing authorities add to an already bloated payroll.

Special Representative of The Secretary-General (SRSG) Ghassan Salame stressed that government subsidies continue to increase as the quality of services diminishes, clarifying that cuts to customs tariffs and taxes are narrowing Libya’s revenue base, making the country entirely reliant on oil exports and fees on foreign exchange.

During his speech, Salame expressed that commercial banks find it increasingly difficult to operate under the supervision of two competing central banks. For instance, a number of commercial banks, particularly in the country’s east, are now either unable to honor transactions, or will soon reach this point.

“While the Mission continues its work in order to find halfway measures and keep the economy afloat, addressing the situation requires a political solution that allows for more fundamental economic reform and institutional reform.” he stated.

Salame: Oil losses are increasing

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Yesterday, Special Representative of The Secretary-General (SRSG) Ghassan Salame claimed that the economy in Libya is becoming increasingly unstable due to the conflict.

Salame said that “Oil production will soon be reduced to 72,000 barrels per day”, stating that the blockade results in losses of approximately USD 55 million per day in national revenue.

He also emphasized that the cumulative lost revenue as a result of the blockade reached over $622 million.

“When I say 72,000 barrels per day, it is to be compared to what the situation was two weeks ago, where the production was almost 1,300,000 barrels per day.” He added.

Morover, SRSG talked about institutional fragmentation as well as the inability to enact a unified economic policy is exacerbating existing challenges and creating new ones.

Oil climbs as World Health Organization declares emergency

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Today, oil prices rose following sharp losses this week, as the World Health Organization (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of a coronavirus.

Before rebounding today, oil prices fell nearly 4% until yesterday hitting three months lows.

“The decision of the World Health Organization (WHO) to oppose restricting travel and trades against China boosted market confidence, even though the organization declared a global health emergency,” announced Margaret Yang, market analyst at CMC Markets.

Brent crude futures LCOc1 were 68 cents higher at $58.97 a barrel by 07:38 GMT, after falling 2.5% in the previous session.

However, U.S West Texas Intermediate (WTI) futures CLc1 were up by 70 cents to $52.84 a barrel.

The World Health Organization declared that the virus killed more than 200 people and spread to almost 18 countries.

A cooperation to reinforce Libyan–Tunisian relations

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Today, the General Director of Libyan Export Development Center Muhammed Al Dib, and the General Manager of Tunisian Export Promotion Center Youssef Naji, signed a memorandum of understanding.

During this meeting, the Minister of Economy Ali Issawi expressed his hope to restore the economic cooperation and exchange between Libya and Tunisia .

Adding to that, the Tunisian Minister of Commerce Omar Al Bahi confirmed that his country plans to strengthen relationships between both parties.

The Memorandum of Understanding underlines the implementation of a joint work program for 2020-2021 in order to facilitate the export of the products of Libya and Tunisia. In addition to organizing demonstrations, joint economic missions, and arranging meetings for businessmen with the aim of sending joint projects in these markets.