Page 11 - AfrOil Week 50 2022

AfrOil INVESTMENT AfrOil

The announcement of the plan coincided with the global market ramp-up for green hydrogen,
the launch of the inaugural $948mn, H2Global whereby the long-term purchase agreements
tender for the importation into Germany provide hydrogen exporters with the security
and the European Union of green hydrogen they need to invest, while customers are able to
derivatives. access green-hydrogen derivatives sooner and
“The idea of the instrument is to support at competitive prices,” Mining Weekly writes. ™

PERFORMANCE
Libyan crude production hits 1.2mn bpd

LIBYA LIBYA is currently producing nearly 1.2mn Further increases in oil production will largely
barrels per day (bpd) of crude, the country’s Oil depend on the improvement of the political sit-
Minister Mohammed Oun said on Monday, uation in the war-torn country.
December 12 on the sidelines of an OAPEC Exploration has been making slow progress
meeting. due to the fluid security situation and frequent
Oun added that the country hopes to return closures of main oilfields. Libya has two rival
to the 2010 levels of 1.6mn bpd within the next administrations supported by different militias
two to three years, pointing out that the govern- and foreign powers. The country has therefore
ment’s last week move to lift force majeure on faced many challenges as rival factions have
exploration projects would encourage foreign repeatedly blocked main oil facilities to demand
companies firms to resume operations in Libya. financial benefits or request political needs. ™
According to the recently appointed head of
state-owned National Oil Corp. (NOC), Farhat
Bengdara, crude production hit 1.26mn bpd in
the first week of December, more than twice the
figure of 600,000 bpd posted only three months
earlier.
Bengdara had said in November of this year
that the North African country was seeking to
attract investments to develop new sources of
crude oil and natural gas and was close to final-
ising a deal with Italy’s Eni worth up to $6-8bn.
He further announced that a programme of off-
shore and onshore drilling by Eni and BP would
start soon.
According to analysts at S&P Global, Libyan
crude production is likely to remain stable at the Frequent closure of storage depots and other infrastructure brought
level of 1.1mn bpd up until the end of the year. Libyan crude oil output down considerably earlier this year (Photo: NOC)

NUPRC says Nigeria extracted

1.186mn bpd of oil in November

NIGERIA NIGERIA’S oil production has begun to increase bpd, the commission said.
in recent months, with output reaching 1.186mn Much of the increase in production is due to
barrels per day (bpd) in November, according the resumption of terminals, including Forca-
to the Nigerian Upstream Petroleum Regulatory dos and Bonny. However, the Brass terminal
Commission (NUPRC). remains out of action due to pipeline problems.
The efforts to improve security and bring ter- Nigerian authorities have attributed the rise
minals back online have helped Nigeria recover in production to improved security onshore.
from the production losses it experienced earlier Bala Wunti, head of NNPC Upstream Invest-
in the year. The latest rise follows a continuous ment Management Services (NUIMS), recently
decline since June, when it hit a low of 938,000 told Arise News that security has improved.

Week 50 15•December•2022 www. NEWSBASE .com P11