Tuesday, May 22, 2018
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Home » Libya » Joint Communique on Libya

Libya ports seen opening soon in oil supply boost

: Four of Libya’s ports are likely to open by the end of this month, facilitating crude oil exports from the strife-torn country, Libya’s oil and gas minister said on Monday.

Reopening the ports could significantly improve the supply of oil from the African nation to India.
Libya is estimated to have around 100 billion barrels of oil reserves, accounting for 40% of Africa’s reserves. West Asia and Africa meet nearly 75% of India’s oil requirements.
“I won’t be able to give a timeline for reaching optimum production but we hope that port closures would end by the end of this month,” Abdulbari Arousi, Libya’s oil and gas minister, told reporters on the sidelines of Petrotech 2014 conference being held in Greater Noida.
He added that with the recent resumption of operations at Sahara field, Libya’s oil production had increased to 600,000-650,000 barrels a day from 546,108 barrel a day in early January. Libya suffered losses worth $9 billion due to the closure of the ports.
India, the world’s fourth largest energy consuming nation, imports 70% of its crude oil and 30% of its natural gas requirements. India’s energy demand is expected to more than double by 2035, from less than 700 million tonnes of oil equivalent (mtoe) today to around 1,500 mtoe, according to oil ministry estimates.
Separately, India’s petroleum minister M. Veerappa Moily stressed on increasing cooperation with Libya on greater crude oil supply and in the field of upstream projects.
India, which is highly dependent on imports to meet its energy demand, has an energy import bill of $150 billion. This is expected to reach $300 billion by 2030, requiring a $3.6 trillion payout by 2030.
“We are keen to invest, partner in producing assets and term contracts in crude oil,” Moily said.
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp. Ltd, proposed to sign a memorandum of understanding with the Libyan government to provide institutional framework for exploring specific projects for cooperation.
Source/ Live mint & Wall Street Journal
Categories: Libya, News, Press

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