China’s largest oil and gas producer and distributor, PetroChina has signed up with the Libyan National Oil Corporation (NOC) to buy Libyan oil, few months after Shell and British Petroleum (BP) signed similar deals. The deal comes as oil production knows a revival following several years of chaos that ensued the death of former leader Muammar Gaddafi, killed in a NATO-backed revolution in 2011. Oil production was put at 969,000 barrels per day in January. The annual contract with PetroChina, one of the companies with the biggest sales revenue in China, and one of the largest oil companies in the world, followed similar deals signed in January by BP and Shell. The return of these oil giants implies trust in Libya that has been dogged by security and political domestic fighting between rivals.

Source: The North Africa Journal March 05, 2018 13:30 UTC