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Dutch oil company Rosen to resume business in Libya

Dutch oil company Rosen seeks to resume its business in Libya and develop cooperation with the Arabian Gulf Oil Company (AGOCO), Rosen’s delegation said Tuesday.

A delegation from the Dutch oil company met on Tuesday Chairman of AGOCO Management Committee Salah Lemnifi.

Libya’s oil production returned to about 1.107 million barrels per day and its oil revenues have reached around $24.4 billion in 2018, which is a five year high and a 78 percent year-on-year increase, despite the instability at oilfields including el-Sharara, the largest oil field in Libya.

The figures were announced on 6 January by Chairman of the National Oil Corporation (NOC) Mustafa Sanalla during a press conference in Benghazi.

The rise in production and the stability in several Libyan regions compared to previous years have encouraged investors to resume their oil-related businesses in Libya.

In October 2018, Sanalla declared that UK-listed oil company BP and its Italian partner Eni are expected to start exploratory drilling in Libya early in the first quarter of 2019.

“The return of BP sends a strong signal to other international oil companies that the Libyan market is promising,” NOC chairman told the Telegraph.

The UK-listed oil company’s return to Libya comes seven years after its exploration program stopped in 2011 when civil war broke out, and it decided to withdraw personnel.

Its return was preceded by a deal to sell 42.5 pc of its 85 pc stake to Eni in the second party share of an exploration license that covers three areas, two onshore sites in the Ghadames basin in northwestern Libya and one offshore area in the Sirte basin.

Under the terms of the deal, the remaining 15 pc stake in the second party share of the exploration license will remain under the control of the Libyan Investment Authority.

Further, Royal Dutch Shell Plc and BP Plc agreed in January 2018 to annual deals to buy Libyan crude oil.

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