Libya Oil and Gas Industry
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
In a new development in Libya oil and gas industry, Verenex Energy, a Canadian company and Woodside Petroleum, an Australian oil company, have made hydrocarbon discoveries in Ghadames Basin in Libya. These discoveries were made in January 2009.
National Oil Corporation of oil and gas industry of Libya have found out oil and gas resources at D1-NC7A wildcat well in Ghadames Basin. This discovery has been made in conjunction with Arabian Gulf Oil Company in December 2008.
In a new development in Libya oil and gas industry, Verenex Energy, a Canadian company and Woodside Petroleum, an Australian oil company, have made hydrocarbon discoveries in Ghadames Basin in Libya. These discoveries were made in January 2009.
National Oil Corporation of oil and gas industry of Libya have found out oil and gas resources at D1-NC7A wildcat well in Ghadames Basin. This discovery has been made in conjunction with Arabian Gulf Oil Company in December 2008.
As per latest reports from oil and gas industry at Libya, during December 2008 China National Petroleum Corporation has decided to buy a stake in Verenex Energy which is an exploration company focusing primarily in North Africa.
With this deal China National Petroleum Corporation is looking to expand its operations in oil and gas industry in Libya, as well as north Africa. In November 2008 Verenex had presented an initial development plan and final appraisal report. This report is on A1- 47/02 field in Area 47 of Ghadames Basin of Libya.
Libya has decided to acquire a substantial amount of stake in Eni, a major oil company of Italy. This is a new development for Libya oil and gas industry and is not supposed to encounter any problems from political sector as per statement from Franco Frattini, who is foreign minister of Italy.
As per energy analysts, Libya oil and gas industry would aim at increasing its production levels to 3 million barrels by 2012 or 2013. However, they have opined that this is not a realistic ambition.
GDF Suez, which is a newly merged company, has bought a 20 percent participating interest in a production and exploration license in Libya oil and gas industry. This has been bought from Hellenic Petroleum, which is based in Greece.
Libyan oil and gas industry has played a major role in economic growth and development of national economy. This industry has brought forth huge amounts of investment that have driven infrastructural plans and construction in Libya. Efforts are being made in Libya to increase capacity of its oil and gas industry. Certain short term plans are being made to increase its capacity to 2 million barrels per day by 2010.
