Libya to Invest $10B-$12B in Oil Projects in 2009
VIENNA (Dow Jones Newswires), Mar. 16, 2009
Libya will invest $10 billion to $12 billion in its oil industry this year, exceeding its total investment from last year, Head of Libyan National Oil Co. Shokri Ghanem said Saturday.
"We are expecting that our investment in the oil sector would reach between $10 billion to $12 billion in 2009. That figure is above the figure of 2008," Ghanem said.
Ghanem also estimated that the oil market currently has a surplus of 1 million barrels a day of crude oil production.
Libya's contribution to OPEC's production cuts agreed late in 2008 hasn't hurt the country's oil reserves, Ghanem said. "The cut that OPEC asked Libya to implement has not affected our oil fields and reserves," he said.
Members of the Organization of Petroleum Exporting Countries are gathering in Vienna, where they will meet Sunday to review the group's production policy and determine whether another output cut is necessary.
OPEC announced three production cuts in late 2008 totaling 4.2 million barrels a day.
Copyright (c) 2009 Dow Jones & Company, Inc.
- OPEC's Output Curbs Squeeze World's Biggest Oil Refining Complex (Oct 16)
- Russell: China Crude Oil Storage Splurge Is OPEC's Best Friend (Oct 16)
- OPEC Is Said to See Oil Inventory Glut Finally Gone in One Year (Oct 12)
Company: Libyan National Oil Corporation (NOC) more info
- Engineer: Libya's Sharara Oilfield Still Shut Due To Action By Armed Brigad (Oct 03)
- Libya Oil Output Drops to 5-Month Low on Biggest Field Halt (Oct 02)
- Source: Libya's Sharara Oil Field Reopens After Pipeline Blockade (Sep 05)