Shell has decided to quit its Libyan exploration blocks amid insecurity and harsh contracts, in the first such move since the overthrowing of Muammar Gaddafi's regime.
Increased output from Libya, recovering from the turmoil of civil unrest, helped Austria's OMV boost production slightly in the first quarter, the company said in a trading statement released on Tuesday.
The U.S. Securities and Exchange Commission has sent formal requests to Italy's Eni SpA and France's Total SA related to the companies' Libyan businesses, the companies disclosed in regulatory filings.
During its visit of last month, The Egyptian petroleum delegation has accomplished fruitful progress in supporting the reconstruction of Libya's dilapidated petroleum industry.
Total SA is planning to explore for oil and natural gas off the coasts of Libya and Egypt, a region that may hold as much as 200bn barrels of oil equivalent, a company official said.
Some of Libya's oil contracts will be reviewed by the country's new government, former interim prime minister Ali Tarhouni said, putting scores of foreign firms on notice.
Heritage Oil has acquired a controlling 51% interest in Sahara Oil Services Holdings (SOSH) which holds the necessary long term permits and licences to provide oil field services in Libya, for cash consideration of U ...