Heavily subsidised fuels are being smuggled out of the country and sold abroad, helping sustain its rival political factions ...

Oil-backed trade is helping African nations bypass financial constraints and sustain their economies by exchanging crude for ...

Tripoli's vast oil reserves, managed by the National Oil Corporation (NOC), have become a focal point for illicit activities, ...

Oil continues to be an essential resource for economies worldwide, but particularly in Africa A lot of countries depend on oil for revenue collection, energy generation, and economic progress A ...

The Central Bank of Libya (CBL) reaffirmed its commitment to providing foreign currency to meet the needs of the local market ...

Gaddafi's huge fortune was made possible by Libya’s oil. The country has the largest proven oil reserves in Africa, with crude production forming more than 90% of export revenues. At its peak in ...

Although Libya holds significant oil reserves, the volatility in production has hampered consistent revenue generation. The inability to manage and distribute oil revenues effectively has further ...

threatening to shut the country's oil fields. There was no comment from the government on the PFG move as of 3.15 p.m. local time (1315GMT). Libya holds Africa's largest crude reserves ...

"Twenty-two new onshore and offshore areas" will be offered to international oil companies, Acting NOC Chairman Masoud Suleiman said. Libya, the OPEC member-country, boasts the largest reserves of ...

The whole economy is a victim of lawlessness and corruption." Libya has more access to crude oil reserves than any other country in Africa. It has always been heavily reliant on fuel exports to ...

Libya has launched its first bidding round for oil exploration in more than 17 years, aiming to bolster its position in the global oil market and achieve a production target of two million barrels ...

CAIRO, March 3 (Reuters) - Libya plans its first bidding round for oil exploration in more than 17 years, Masoud Suleman, acting Chairman of the National Oil Corporation (NOC), announced in a ...