Libya to give oil deals to China, India

Libya is considering offering direct oil block contracts to China, India and other nations it considers friends in its month-long conflict with rebels, Libya’s top oil official said on Saturday.

National Oil Corporation Chairman Shukri Ghanem said Libya’s crude production had fallen to less than 400,000 barrels per day from about 1.6 million before the crisis and warned that oil exports might halt altogether if output is not restored.

“Because of the situation, we will be looking at giving direct block contracts to countries ready to come and work in the country because we want to increase production,” he said.

He mentioned India, China and Brazil as examples of potential partners. He also urged Western oil companies to return their staff to Libya to help restore production, adding that all existing contracts would be honoured.

Source: Reuters