News // Russia
Libya’s National Oil Corporation signs oil investment and purchase deals with Russian Rosneft
21 February 2017 , 18:00Neftegaz.RU644
Rosneft signed investment and crude-purchasing agreements with Libya’s National Oil Corporation (NOC), the russian company reported on February 21, 2017.
The companies signed a separate accord for Rosneft to buy Libyan crude.
«We need the assistance and investment of major international oil companies to reach our production goals and stabilize our economy,» NOC Chairman Mustafa Sanallah said in the statement.
The deals are part of a bigger push by the NOC to encourage additional investments by foreign oil companies to help Libya increase its production to 2.1 million barrels a day by 2020.
Libya produced 1.6 million barrels a day (bpd) before the 2011 revolution set off years of fighting that prompted foreign investors to withdraw.
Libyan authorities have said the plan for 2017 is to boost crude production 1.7-fold to 1.75 mln barrels per day.
OPEC agreed with other oil producers including Russia to reduce their collective output by 1.8 million barrels a day, starting January 1, 2017.
Libya was exempted from the cuts as its works to restore its oil industry.
To read this news in Russian.
18:00 18.10.2017Novatek adds cheaper capacity to Yamal LNG
14:10 18.10.2017China to take 5% of Rosneft’s output in new deal
16:09 17.10.2017Gazprom Neft unhappy with OPEC-Russia production cut deal
14:07 17.10.2017Russia refutes allegation of oil supply to Taliban
15:29 16.10.2017Japan plans $10 billion investment in Asian LNG sector
10:30 16.10.2017Growing friendship: PM lauds Pakistan-Russia economic cooperation