Petroleum Africa
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Thursday, January 18, 2018
BP and Shell have agreed to new deals to buy crude from Libya, according to a Bloomberg report. Shell’s deal is the first of its kind since 2013 and the company will load its first cargo under the contract within days, the Bloomberg report said. BP, which did not have a term deal in 2017, also reportedly reached an agreement for this year.
The North African country is slowly correcting its security situation and the deals with the two majors highlight that fact. The country is also slowly rebuilding its production capacity, seeing the highest annual average in three years at 828,000 bpd in 2017.
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