Libya’s national oil company to reopen major oil field

Forces led by Libyan strongman Field Marshal Khalifa Haftar captured the oil field from an armed militia in February, but later withdrew. (Reuters)
Updated 05 March 2019
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Libya’s national oil company to reopen major oil field

  • The militia’s blockade had cost the state oil company around $1.8 billion in lost production
  • Libya is currently governed by rival authorities in Tripoli and the east, each backed by an array of militias

BENGHAZI, Libya: Libya’s National Oil Corporation says production is to resume within hours at the southwestern Sharara oil field after control was retaken from an armed group last month.
The militia’s blockade had cost the state oil company around $1.8 billion in lost production.
NOC chairman Mustafa Sanalla said on Tuesday that force majeure was lifted and that authorities “received assurances that site security has been restored” to control by local oil security forces. The NOC moved to reopen the facility late Monday.
Forces led by Libyan strongman Field Marshal Khalifa Haftar, who is based in the country’s east, captured the oil field from an armed militia in February. Haftar’s forces later withdrew.
Libya is currently governed by rival authorities in Tripoli and the east, each backed by an array of militias.


US-Saudi business council reports $13bn in contracts

Updated 24 May 2019
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US-Saudi business council reports $13bn in contracts

  • Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said

LONDON: The value of joint Saudi-US contracts rose to $13 billion in the first quarter of 2019, according to a business council report.

That marked the highest value of awarded contracts since the first quarter of 2015, the US-Saudi Arabian Business Council said.

The value of contracts awarded during the first quarter amounted to about half of the total value in all of last year, it added.

The contracts “included many vital projects, notably in the oil, gas, water and transport sectors,” Abdallah Jum’ah, the co-chair of the council, was reported as saying by Asharq Al-Awsat.

Energy was the top sector, with $3.1 billion of the value of contracts awarded, with many struck by Saudi Aramco. 

Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said.

The construction sector also looks set for a recovery after many projects were put on hold due to the oil-price crash.

“If the pace of awarding construction contracts witnessed during the first quarter of 2019 continues for the rest of the year, the index of awarding construction contracts may return to the range we witnessed before the canceling and postponing of mega projects due to lower oil revenue,” the council said.