National Oil Corporation

Libya rivals to work together on oil revenues

Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, after military strongman Khalifa Haftar sought a "fair" split.

Haftar, who backs the country's eastern administration, had last week called for a committee to address the issue.

He threatened military action unless oil proceeds were divided fairly by the end of August.

Libyan state oil firm was not consulted on maritime deal with Turkey

Libya's state oil firm NOC has not been consulted on a controversial maritime accord Libya's internationally recognised government signed with Turkey, NOC chairman Mustafa Sanalla said on Monday.

The deal, signed last month, seeks to create an exclusive economic zone from Turkey's southern Mediterranean shore to Libya's northeast coast. 

[Reuters]

China Discovered More than 1.8 Billion Tonnes of New Oil Reserves in 2019

China's national oil corporation, the country's largest oil and gas supplier, discovered a record high of 1.84 billion tonnes of reserves in 2019.

More than 1 million tonnes of oil have been found in the Ordos basin, while over 1 trillion shale gas have been explored in the Sichuan and Tarim basins.

Bahrain Makes Largest Oil Discovery in its History

DUBAI: Bahrain on Sunday announced it has discovered the largest oil and gas field in the history of the small kingdom, which unlike its Gulf neighbours is not energy-rich.

Authorities estimate the newfound reserves at "many times" the volume of Bahrain's only other known oil field, the state-run BNA news agency said.

Oil Markets Roiled as Hurricane Harvey hits U.S. Petroleum Industry

Oil markets were roiled on Monday after Hurricane Harvey wreaked havoc along the U.S. Gulf coast over the weekend, knocking out numerous refineries and some crude production, Reuters reported.

Gasoline prices hit two-year highs as massive floods caused by the storm forced refineries across the U.S. Gulf Coast to shut down.

BP signs $2.2 bln Abu Dhabi oil deal

British oil giant BP secured a 10-percent share in an onshore oil concession in Abu Dhabi on Dec. 17 in a deal worth $2.2 billion, the companies said.

BP signed an agreement with Abu Dhabi National Oil Company (ADNOC) to take a stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO) which operates the 40-year concession.

KRG oil exports via Turkey rise 31 pct in September

The Kurdish Regional Government's (KRG) oil exports through Turkey rose by 31 percent in September compared to the previous month, data from the KRG's Natural Resources Ministry revealed Oct. 6.

The KRG exported 18.6 million barrels of crude oil - an average of 620,478 barrels per day (bpd) - in September through its pipeline to the Ceyhan port in southern Turkey.

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