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Released:  27/03/20172017-03-27
Word count:  820

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday.

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Reuters
An earlier draft of the statement had said the committee "reports high level of conformity and recommends six-month extension". But the final version said only that the committee had requested a technical group and for the OPEC Secretariat to "review the oil market conditions and revert ... in April, 2017 regarding the extension of the voluntary production adjustments".

Oil sector analysts said the lack of an immediate extension could drag on crude prices.

"The dropping of the recommendation to extend cuts in favour of technical review committee is likely to lead to a lot of disappointment and potential further liquidation of long positions by money managers that will put downward pressure on oil prices," said Harry Tchilinguirian, head of commodities strategy at BNP Paribas in London.

It was not immediately clear why the wording had been changed, although a senior industry source said the committee lacked the legal mandate to recommend an extension.

The Organization of the Petroleum Exporting Countries and rival oil-producing nations were meeting in Kuwait to review progress with their global pact to cut supplies.

OPEC and 11 other leading producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year. The original deal was to last six months, with the possibility of a six-month extension.

"Any country has the freedom to say whether they do or they don't support (an extension). Unless we have conformity with everybody, we cannot go ahead with the extension of the deal," Kuwaiti Oil Minister Essam al-Marzouq said, adding that he hoped a decision would come by the end of April.

The oil ministerial committee "expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100 percent conformity," the statement said.

The December accord, aimed at supporting the oil market, has lifted crude to more than $50 a barrel. But the price gain has encouraged U.S. shale oil producers, which are not part of the pact, to boost output.

The committee said it took note that certain factors, such as low seasonal demand, refinery maintenance and rising non-OPEC supply had led to an increase in crude oil stocks. It also observed the liquidation of positions by financial players.

"However, the end of the refinery maintenance season and noticeable slowdown in U.S. stock build as well as the reduction in floating storage will support the positive efforts undertaken to achieve stability in the market," it said.

It asked the OPEC Secretariat to review oil market conditions and come back with recommendations in April regarding an extension of the agreement.

"This reaffirms the commitment of OPEC and participating non-OPEC countries to continue to cooperate," the statement said.

Russian Energy Minister Alexander Novak said it was too early to say whether there would be an extension, although the agreement was working well and all countries were committed to 100 percent compliance.

Olivier Jakob, of oil consultancy Petromatrix, said that with the revision of the ministerial committee's statement, it was becoming more difficult to know who was responsible for what in OPEC.

"That is not the best option to provide clarity to the oil markets," Jakob said.

Ellen Wald, a consultant on the global energy industry, said: "I think the market will react negatively to the lack of a clear direction on a rollover for the deal."

'ENCOURAGING ELEMENTS'

Before the meeting, Iraqi Oil Minister Jabar Ali al-Luaibi told reporters there were some encouraging elements that suggested the oil market was improving, and that if all OPEC members agreed measures to help price stability, Iraq would support such steps.

"Any decisions taken unanimously by members of OPEC ... Iraq will be part of the decision and will not be deviating from this," Luaibi said.

Iraq's oil production is running at 4.312 million bpd this month, Luaibi said, adding that his country had cut its oil exports by 187,000 bpd so far and would reach 210,000 bpd in a few days.

Compliance with the supply-cut deal was 94 percent in February among OPEC and non-OPEC oil producers combined, Russia's Novak said.

Russia is committed to cuts of 300,000 bpd by the end of April, Novak said.

Novak said he expects global oil stockpiles to decrease in the second quarter of this year.

"The dynamics are positive here, I believe," Novak said, adding that inventories in the United States and other industrialised countries had risen by less than in the past.

Kuwait's oil minister said the market may return to balance by the third quarter of this year if producers comply fully with their production targets.

"More has to be done. We need to see conformity across the board. We assured ourselves and the world that we would reach our adjustment to 100 percent conformity," Marzouq said.

(Reporting by Rania El Gamal, Vladimir Soldatkin, Ahmed Hagagy; Additional reporting by Christopher Johnson in London; Editing by Dale Hudson and Catherine Evans)
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Released:  27/03/20172017-03-27
Word count:  100

The Italian embassy in Tripoli has announced it will start issuing visas for Libyan nationals as of Sunday 2 April using an agency operating in the capital’s Tripoli Tower.

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Libya herald
The documents issued will be Schengen visas, meaning that Libyans will be free to travel to countries that are part of the Schengen area, provided that they first travel to Italy.

Libyans will still be able to apply at Italian consulates elsewhere for visas to Italy, including Tunis, Cairo, Istanbul and Amman.

Last month, the Italian-Libyan Chamber of Commerce called for the Libyans to be able to apply for visas in Tripoli saying that it would help rebuild business links.

Italy reopened its embassy in Tripoli in January, having been the last western embassy to leave the country in February 2015.
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Oil & Gas News
Released:  24/03/20172017-03-24
Word count:  403

Oil prices edged up on Friday, supported by a fall in Saudi exports to the United States, but overall markets remained under pressure on the back of a world market awash with fuel.

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Reuters
Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $50.63 per barrel at 0343 GMT, up 7 cents from their last close.

In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 12 cents at $47.82 a barrel.

Traders said the lift in prices came as a report that Saudi Arabia's crude exports to the United States in March would fall by around 300,000 barrels per day (bpd) from February, in line with OPEC's agreement to reduce supply.

"We have turned bullish ... over a three-month time horizon ... on the premise of strong stock draws in Q2 2017 and firm OPEC, non-OPEC compliance," BMI Research said in a note to clients.

In the United States, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U.S. oil production C-OUT-T-EIA by more than 8 percent since mid-2016 to just above 9.1 million bpd.

To other major consumer regions, however, Saudi exports remain high despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC), and supported by other producers including Russia, to cut output by 1.8 million bpd during the first half of the year to rein in a global supply.

Ship chartering and trading data in Thomson Reuters Eikon shows that OPEC shipments to Asia, the world's biggest and fastest growing oil consuming region, were at 17.6 million bpd in March, up more than 5 percent since January, when the cuts officially started, in a sign that OPEC is shielding its main customers from the supply reductions.

Unless OPEC extends the curbs beyond June or makes bigger cuts, traders say oil prices are at risk of falling further.

"The market is keen to see further progress on production cuts to alleviate the still growing stockpiles," ANZ bank said on Friday.

Dennis Gartman, founder and editor of the Gartman Letter said the longer term outlook was for ongoing low oil prices.

"This slump is very real ... Fracking has only just begun here in the U.S. and it will be transferred swiftly to other countries abroad, so the supply of crude oil is going to increase rather dramatically in the years to come," he told the Reuters Global Markets Forum on Friday.

Despite the OPEC-led cuts that began in January, Brent has fallen by nearly 11 percent this year as other producers have stepped up and filled the gap.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Tom Hogue)
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Released:  24/03/20172017-03-24
Word count:  247

Libya’s oil production has climbed back to the level before clashes disrupted output three weeks ago and forced the OPEC nation’s two biggest oil ports to halt shipments.

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Bloomberg
Output is 700,000 barrels a day and the target is 800,000 barrels a day before the end of April, Mustafa Sanalla, chairman of state-run National Oil Corp., said by email Wednesday. The nation’s biggest port, Es Sider, will load a tanker with crude on March 26, Jadalla Alaokali, board member at NOC, said earlier Wednesday by phone.

Libya has sought to boost crude exports after fighting among rival militias hobbled oil production following the 2011 revolt that ousted former leader Moammar Al Qaddafi. The conflict showed signs of calming in recent months, with oil output rising to 700,000 barrels a day in February from 260,000 a day in August, according to data compiled by Bloomberg. Libya pumped 1.6 million barrels a day before Qaddafi’s ouster.

“We’re working hard to increase production despite the circumstances, difficulties and challenges we’re facing,” Sanalla said. Libya wants to be pumping 1.1 million barrels a day by August, he said.

The tanker set to load at Es Sider will take 1 million barrels, according to a person familiar with the situation, who asked not to be identified because the matter isn’t public. The exact vessel to be used hasn’t been decided, the person said.

The country’s biggest oil field, Sharara, will increase output by 70,000 barrels a day in a few weeks, from 221,000 barrels a day currently, the NOC said in a statement on its website Tuesday, citing Sanalla. Sharara is operated by Repsol SA and is located in the far west of the country.  
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Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports.

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Reuters
"We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement.

The NOC said in a separate statement it hoped to produce 55,000 bpd in the coming weeks from the Abu Attifel and Rimal fields, which are currently closed for maintenance.

The fields are operated by Mellitah Oil and Gas, a joint venture between the NOC and Italy's ENI. The NOC said Mellitah is currently producing 41,000 bpd from onshore and offshore fields, as well as 43,000 bpd of condensate.

Libya's output fell to around 600,000 bpd after eastern security forces lost control on March 3 of the major oil terminals of Es Sider and Ras Lanuf, before regaining them 11 days later.

Sanalla has said he expects to retain control over operations at the ports, despite some officials in eastern Libya appearing to cast doubt over continuing cooperation with the NOC in Tripoli.

Workers at the ports have been gradually returning to their posts, and a tanker is expected to load of crude at Es Sider on Saturday or Sunday, according to shipping sources.

Production at Waha oilfield, which was halted this month, has risen to 35,000 bpd, a field engineer said. Waha Oil Co, which operates the field, is hoping to raise production from all its fields to 80,000 bpd by the end of March and to more than 100,000 bpd by mid April.

The NOC said on Monday some output gains could also come from the southwestern Sharara field, where it hopes to boost production by 70,000 bpd, from 221,000 bpd now.

Libya's output remains well below the 1.6 million bpd the North African country had been pumping before a 2011 uprising. Libya along with Nigeria is exempt from recent production cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC).

The NOC has warned its production targets are dependent on the corporation receiving funds for operating costs and repairs to infrastructure, an issue that was discussed in a meeting on Wednesday between NOC board members and the heads of NOC affiliated companies.

"There is a delay in paying salaries and the different budgets by the ministry of finance, which is considered essential to increase production, implement the necessary maintenance for many oilfields and ports that were badly affected as a result of the conflicts," the NOC said.

(Additional reporting by Ayman al-Warfalli; editing by David Clarke and David Evans)
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Oil & Gas News
Released:  23/03/20172017-03-23
Word count:  414

SINGAPORE, March 23 (Reuters) - Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.

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Reuters
Brent crude futures, the international benchmark for oil, were at $50.99 per barrel at 0621 GMT, up 35 cents, or 0.7 percent, from their last close. That came after Brent briefly dipped below $50 a barrel on Wednesday for the first time since November.

U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, at $48.41 a barrel, after testing support at $47 overnight.

Analysts said Brent had found technical support around $50 a barrel and was being pushed up as traders took new long positions after crude hit multi-month lows overnight.

Despite the bounce, traders said the market remained under pressure, largely due to a big U.S. inventory and doubts that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output was reining in a global fuel supply overhang.

Greg McKenna, chief market strategist at futures brokerage AxiTrader, said OPEC was "underwriting the investment plans and returns of their competition in U.S. shale oil."

McKenna said there was a risk of oil prices dropping further due to U.S. output and a lack of compliance by some producers who said they would cut production.

Oil prices could rise to $60 per barrel in the second quarter, assuming inventory draws and oil producer output cuts remain in place, Barclays said in a report on Thursday.

"However, this would likely be temporary, and we forecast prices in the mid-$50s per barrel in the second half 2017," the bank said.

The Energy Information Administration (EIA) said U.S. inventories climbed almost 5 million barrels to a record 533.1 million last week, far outpacing forecasts of a 2.8 million-barrel build.

The high inventories come as U.S. oil production has risen over 8 percent since mid-2016 to more than 9.13 million barrels per day (bpd) to levels comparable in late 2014, when the oil market slump started.

There were also signs of a bloated market in Asia, where China's gasoline imports slumped while its refiners sent huge volumes overseas as they refine more fuel than the domestic market can absorb.

China's gasoline exports in February hit the second highest on record, up 76.6 percent over a year earlier at 1.06 million tonnes, data from the Chinese customs showed on Thursday. Diesel exports last month surged 66.7 percent on year at 1.32 million tonnes.

China imported just 7,245 tonnes of gasoline in February, tumbling 94 percent from the same period last year. Diesel imports dropped 52 percent from a year ago to 50,000 tonnes.

(Reporting by Henning Gloystein; Additional reporting by Keith Wallis; Editing by Joseph Radford and Richard Pullin)  
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Tripoli, 22 March 2017(Lana) The Al Breiga fuel marketing company has announced that supplying fuel to gas stations were continuing from the Tripoli depot and also from the fuel ship 'Anwar Libya' docking at Tripoli Seaport. In a statement,

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LANA - Libya news agency
a copy of which was obtained by the Libyan news agency, the company said fuel was available, and that pumping from Al Zawiayah depot was continuing and there were no problems associated with supply to the stations.

The company urged members of the public not to be drawn to rumors.

=Lana=

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Rome, 21 March 2017(Lana) Italian Prime Minister Paolo Gentelone has announced that the Italian Embassy in Tripoli would start granting entry visas to Libyan nationals from April 2.

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LANA - Libya news agency
This came at a meeting Gentelone held with the visiting President of the Presidency Council Fayez Al Serraj on the margin of the International Migration Conference in Rome yesterday.

Gentelone confirmed that Italian companies would soon return to work in Libya in accordance with a timeframe to be set by specialist in both countries.

=Lana=
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Mabruk oil operation | Tender | SHIPPING AGENCY SERVICES- ANNOUNCEMENT - INVITATION TO PRE-QUALIFICATION

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NOC

Mabruk Oil Operations (hereinafter referred to as the COMPANY) invitesinterested local and international companies (or their representatives) specialized in providing “Lease of shipping agency Services” to submit to COMPANY their completed Pre-qualification documents, for evaluation and preparation of a bidders list, as COMPANY intends shortly to issue a Call for Tender for “Lease of shipping agency Services” to support its operationsas described below:

Scope of Services:

Providing marine services at Tripoli port to MOO hired supply boat which include but not limited to:

·         Clearing vessel movements (in/out).

·         Prior to vessel arrival/ departure to arrange and secure with port authorities:

1.    Pilot boat to enter vessel in port till making fast alongside berth or to depart vessel from berth till pilot station outside harbour.

2.    Customs& immigration authorities for each call (in/out)

·         Agent shall provide customs clearance and all administrative services (cargo manifest) for loading and unloading company or company’s contractor cargo such as   equipment, goods (including dangerous goods) and consumables from and to offshore field to and from Tripoli port.

·         Boats supplies arrangement (fuel, fresh water).

·         Boats crew change.

·         Waste disposal.

·         Provide fresh water upon Company request.

·         Passengers formalities (custom & immigration) & transportation from seaport main gate to TMB and vis versa.

Prepare documents for all truck bringing cargo to base (IN / OUT).

Qualification Requirements:

Interested companies for this tender must satisfy the requirements stated on the Pre-qualification questionnaire and shall submit the required information only by completing the required details on such Pre-qualification questionnaire.

The Pre-Qualification Invitation is not an invitation to tender.

Only qualified companies that meet the Pre-qualifying criteria, which shall be determined by COMPANYat itssole discretion, will be included in the bidders list. COMPANYreserves its right to reject any and/or all companies at its sole discretion. Such act by COMPANYshall be final and shall not be contested or challenged by any participants.

Furthermore, this Pre-qualification invitation doesn’t imply any commitment or obligation, implied or otherwise, for COMPANYto issue a tender enquiry or enter into a contract.

All costs of whatsoever nature incurred in the preparation and submission of the Pre-qualification documents, including visits, if any, incurred in connection with this invitation, shall be borne by companies

Participation:

This announcement will remain posted on the National Oil Cooperation & Mabruk Oil Operations websitesuntil 12:00 hrs. local time, 23/03/2017. The last date to receive the Pre-qualification documents is 27/03/2017 at 12:00hrs. local time.Accordingly, all interested companiesshould submit the required Pre-qualification information (Pre-qualification questionnaire) no later than this date. Any document submitted after this date or not complied totally or partiallywill be disregarded.

The Pre-qualification questionnaire will be made available to interested companies only by email upon formal request which should clearly indicate the name of the company, address, phone number, person to contact and its title, an email address and stating clearly their intention and interest to participate

The request by interested companies for the prequalification questionnaire should be sent by fax and email strictly to the following address:

Mabruk Oil Operations

Ref. Lease of SHIPPING AGENCY SERVICES

Pre-qualification of Bidders.

Attn.: Mr. Ali MSALEM

Fax: +(218) 21 33 50 561

email: Ali.Msalem@mabruk-oil.com

Upon completing the Pre-qualification questionnaire and providing all the required information, the documents are to be submitted in one original and one electronic copy (in a hard support) in a sealed envelope to be sent (or hand delivered) prior to the specified deadline date to the following address:

Company’s Address:

Mabruk Oil Operations 

Dhat El-Imad Complex,

Tower 4, Floor 7

P.O. Box 91171 Tripoli - Libya

For the Attention of:

Mr. Ali MSALEM

Tel:  +(218) 21 33 50 401 Ext. 1436

Fax: +(218) 21 33 50 561

NOTE:

Please contact COMPANY(Mabruk Oil Operations)Reception desk in Dhat El Imad, Tower 2, Ground Floor for direction in the event of hand delivery of the Pre-Qualification Documents

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Oil & Gas News

Oil & Gas News
Released:  21/03/20172017-03-21
Word count:  373

Oil prices rose on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, while strong demand would also work to slowly erode a global fuel supply overhang.

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Reuters
Prices for front-month Brent crude futures, the international benchmark for oil, were at $51.86 per barrel at 0401 GMT, up 24 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.3 percent, at $48.35 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC), together with other producers including Russia, has pledged to cut its output by almost 1.8 million barrels per day (bpd) between January and June in an effort to prop up prices and rein in a global supply glut that has dogged markets for almost three years.

Yet so far the cutback has not had the desired effect as compliance by involved exporters is patchy and as other producers, including the United States, have stepped up to fill the gap, resulting in crude prices falling more than 10 percent since the beginning of the year.

To halt the decline, OPEC members increasingly favor extending the pact beyond June to balance the market, sources within the group said, although they added that this would require non-OPEC members like Russia to also step up their efforts.

Traders also said that healthy oil demand would help rebalance markets and support prices.

"Global demand for 2017 is expected to remain healthy and surpass long-term average growth in demand of 1.2 million barrels per day by between 0.2 and 0.4 million barrels per day. As such, the combination of robust demand and weaker global supply leading to rebalanced markets will not be de-railed by U.S. shale oil," said Jeremy Baker, Senior Commodity Strategist, at Vontobel Asset Management.

Baker said this would "support the case for a shift from contango to backwardation in the crude markets during the second-half 2017."

Contango describes a market structure in which prices for future delivery of a product are higher than current ones, while backwardation is price curve in which spot prices are more expensive than future deliveries.

The Brent futures forward curve <0#LCO:> currently shows a slight contango shape, in which prices for May delivery are 62 cents below those for delivery in January 2018.

Traders said that U.S. crude storage data, due to be published later on Tuesday by the American Petroleum Institute (API), would likely be the next significant price driver.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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Business News
Released:  21/03/20172017-03-21
Word count:  498

Libya’s major oil ports of Es Sider and Ras Lanuf are resuming operations and preparing to export crude after a two-week halt in shipments due to military clashes in the holder of Africa’s largest crude reserves.

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Bloomberg
Libya’s total production rose to 646,000 barrels a day from 621,000 barrels on Sunday mostly due to an increase from Waha Oil Co., Jadalla Alaokali, a National Oil Corp. board member, said Monday by phone. Waha Oil feeds into Es Sider, the country’s biggest oil port. Staff are returning to Es Sider and Ras Lanuf, its third-largest, and exports are set to restart in a week to 10 days, Alaokali said Sunday. “Both ports are ready to restart exports,” Alaokali said.

Waha Oil, a joint venture between the NOC, Hess Corp., Marathon Oil Corp. and ConocoPhillips, suspended production earlier this month after clashes between armed factions in the politically divided nation forced Es Sider and Ras Lanuf to suspend shipments. Waha Oil is "soon" expected to reach 75,000 to 80,000 barrels a day, the level it was at about two weeks ago before fighting broke out near the ports on March 3, according to Alaokali. It began pumping on Saturday.

Forces loyal to Libya’s eastern-based military commander Khalifa Haftar regained control over the two ports on March 14. The fighting, including airstrikes, dealt a blow to international efforts to restore stability in the country. A rival group had seized Es Sider and Ras Lanuf earlier this month.

Pumping Oil

Libya’s eastern oil region is safe now, and companies in the area can resume normal operations related to production and exports, Mustafa El-Zegheid, coordinator of the NOC’s Oil Crescent emergency committee, said.

At least 45 workers and engineers have returned to their jobs at Ras Lanuf and 35 others at Es Sider, El-Zegheid said. Employees at Es Sider have inspected storage tanks and valves, and the facilities are ready to receive crude from the Waha field, which will slowly increase Waha Oil’s production, he said.

Libya has sought to boost crude exports after fighting among rival militias hobbled oil production following the overthrow in 2011 of dictator Moammar Al Qaddafi. The conflict showed signs of calming in recent months, with oil output reaching about 700,000 barrels a day in February from 260,000 a day in August, according to data compiled by Bloomberg. Libya pumped 1.6 million barrels a day before Qaddafi’s ouster.

Waha Oil has an output capacity of more than 300,000 barrels a day, according to the NOC’s website. Its production dropped by half to 40,000 barrels a day after the closing of Es Sider, before it came to a complete halt. Libya has been rescheduling crude loadings at Es Sider and Ras Lanuf and transferring them to other ports such as Zueitina and Brega.

Libya split into separately governed regions in 2014, leading to the establishment of competing NOC administrations. A deal meant to unite them under a single management was signed in July 2016. The future of that accord now appears uncertain as the head of the NOC in the east said earlier this month he was pulling out of the deal because the terms of the agreement, including the transfer of the company’s headquarters to Benghazi, have yet to be met.

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Oil & Gas News
Released:  20/03/20172017-03-20
Word count:  383

Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.

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Reuters
Prices for benchmark Brent crude futures were 29 cents, or 0.56 percent, below their last settlement at 0223 GMT, at $51.47 per barrel.

U.S. West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.78 percent, at $48.40 a barrel.

Traders said that prices came under pressure from rising U.S. drilling and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia.

"There is good, strong momentum to the downside," futures brokerage CMC Markets said in a note on Monday.

U.S. drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April.

As a result, U.S. oil output has risen to over 9.1 million bpd from below 8.5 million bpd in June last year. Reacting to the ongoing glut in markets, financial oil traders cut their net long U.S. crude futures and options positions in the week to March 14, the third consecutive cut, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

"This unwinding of position is both a cause and reflection of the big fall in crude oil prices when the cracks in the OPEC/non-OPEC deal emerged and when it seems like it became evident shale oil is back and the new swing player," said Greg McKenna, chief market strategist at brokerage AxiTrader.

Defying rising sentiment that oil markets remain oversupplied, some analysts say markets will tighten soon, arguing that the OPEC-led cuts will only start to bite from April, just as demand picks up as refineries return from current maintenance outages.

"The cuts in OPEC production from the start of 2017 should start to show up between mid-March (now) and mid-April. Over the coming weeks we expect a sharp reduction in imports and increase in refining runs which should lead to impressive crude inventory draws," analysts at AB Bernstein said on Monday in a note to clients.

"The combination of falling imports and stronger crude runs should lead to substantial inventory cuts over the coming months," they said.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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Released:  20/03/20172017-03-20
Word count:  41

Sedra, 19.03.2017(Lana) Oaiss Oil Company has announced resumption of oil production from Oasis Oil field.

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LANA - Libya news agency
Company sources said the oasis resume production and currently pumps its production into Sedra Oil Port.

Oasis Oil Company which runs Oasis Oil Field stopped production early this month, but it would resume production to Sedra and Ras lanuf ports.

=Lana=
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Released:  20/03/20172017-03-20
Word count:  47

Ajdabiya University has signed a cooperation agreement with the University of Sousse in Tunisia. Covering training, and cademic collaboration and exchanges in a number of areas, it was signed by the university’s dean, Tarek Dabbah, during a visit to Sousse.

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Libya herald
Ajdabiya University, founded in 2000, has six faculties: Science, Economics, Medicine, Arts, Law and Engineering.

Sousse University has undertaken collaboration agreements with three other Libyan univerisites: Sirte, Sebha and the Senussi Islamic University in Beida. The third, covering joint programmes on education, research and culture, is still active.
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Oil & Gas News
Released:  17/03/20172017-03-17
Word count:  697

Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group's efforts to rein in a global glut have so far had little effect.

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Reuters
The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year to rein in oversupply and prop up prices.

Yet almost three months into the announced cuts, oil flows to Asia, the world's biggest and fastest growing market, have risen to near record highs. The Asian surplus will pressure global oil prices and weigh on the budgets of major oil producing nations but may also help spur growth in demand needed to soak up the excess.

Thomson Reuters Oil Research and Forecasts data shows around 714 million barrels of oil are being shipped to Asia this month, up 3 percent since December when the cuts were announced.

Responding to rising production, benchmark crude prices are down 10 percent since January, and analysts warn that more falls could follow.

"Cuts are not enough to re-absorb the world's excess supply. So, unless oil demand growth rebounds to record levels in 2017, oil prices could head for another substantial fall," said Leonardo Maugeri, senior fellow at the Harvard Kennedy School's Belfer Center for Science and International Affairs. Not only are supplies from the Middle East and Russia to Asia still high despite the pledge to cut, but record volumes are flooding into Asia from the Americas and Europe.

The result is a market awash with fuel. More than 30 supertankers are sitting off the coasts of Singapore and southern Malaysia filled with oil, despite a price structure that makes it unattractive to buy oil now and store it for sale at a later date. Crude for delivery in January 2018 is only 70 cents more expensive than that for delivery next May, making those floating storage vessels unprofitable.

OPEC'S DILEMMA

The ongoing glut poses a predicament for OPEC. Its members need higher oil prices to balance government budgets, but cutting back production to prop up prices means losing market share as other suppliers step in to fill the gap.

OPEC's cuts early in the year pushed up Middle East Dubai crude price against the international benchmark Brent, allowing oil from outside the Middle East to head to Asia.

Traders are shipping competitively priced crudes such as Russian Urals, Kazakhstan's CPC Blend, North Sea Forties and U.S. West Texas Intermediate to replace Middle East staples from Oman to Abu Dhabi.

A record 10.5 million barrels of Russian Urals will arrive in Asia between April and June, Eikon data shows. Oil from Kazakhstan, the North Sea, Brazil, and the United States arriving in Asia in March is expected to reach 45 million barrels, double the volume in the same month a year ago.

"The uptick in arbitrage has not gone unnoticed by the large Middle Eastern (OPEC) producers," analysts from consultancy JBC Energy said in a note to clients this week.

In a move to beat off competition but which contradicts the announced cuts, OPEC's de-facto leader Saudi Arabia unexpectedly cut light crude prices last week.

State-owned Saudi Aramco has also given additional supplies to Asian customers in April, trade sources said.

Stiff competition and ample supplies have depressed prices for Middle East and Asia-Pacific grades, some of them to multi-month lows.

May-loading for Qatar Marine crude sold at discounts to its official selling price for the first time in four months while spot premiums for Russian and Malaysia's flagship Kimanis crude have also hit lows.

With few signs that producers will cut supplies deeply enough to end the glut, and indicators that output is rising in the United States, traders say only strong demand can eventually rein in the surplus.

"Demand growth in Asia is about 700,000 bpd, so the glut will eventually clear," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore.

Not all are as confident.

"Enduring excess supply could be eased by a robust demand growth," said Maugeri of the Belfer Center. "But preliminary data and analyses do not portend such a development, especially because of a significant slowdown in demand growth in China and India - the two major engines of world oil consumption growth."

(Reporting by Florence Tan and Henning Gloystein; Additional reporting by Mark Tay; Editing by Lincoln Feast)
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Oil & Gas News

Oil & Gas News
Released:  16/03/20172017-03-16
Word count:  328

Crude oil prices rose on Thursday in early Asian trading, extending gains from the previous session after official data showed U.S. stockpiles had eased from record highs.

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Reuters
Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many anticipated.

The market was also bouyed after the Federal Reserve raised interest rates in line with expectations but did not signal any pick-up in the pace of further rises.

U.S. West Texas Intermediate (WTI) crude was up 31 cents, or 0.6 percent, at $49.17 a barrel by 0202 GMT, having surged 2.4 percent in the previous session, its first increase in eight days.

Brent futures climbed 35 cents, or 0.7 percent, to $52.16. They had their first increase in seven days on Wednesday, gaining 1.7 percent.

The benchmarks have bounced off their lowest levels since the Organization of the Petroleum Exporting Countries (OPEC) agreed at the end of last year to cut crude production, with an initial price surge evaporating as stockpiles remained high.

Global oil inventories rose for the first time in six months in January, despite the OPEC agreement, the International Energy Agency said in its monthly oil report on Wednesday.

But data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks fell last week, the first weekly decline after nine straight increases.

Crude inventories fell 237,000 barrels in the week to March 10. Analysts had forecast an increase of 3.7 million barrels.

The inventories have been closely watched by oil traders to determine whether the OPEC agreement to cut output is reducing the global glut.

"Inventories are the barometer of global oil market rebalancing," Bernstein Energy said in a note on Thursday.

"While the large (global) inventory build seems counter-intuitive given the cuts to OPEC supply, there are good reasons for this," Bernstein said, citing seasonal declines in demand, time lags between cuts and deliveries and traders tapping floating storage.

Oil bulls were also encouraged after the IEA said demand should overtake supply in the first half of this year.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin)
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Ramesh Iyer
1 week ago

Oil & Gas News

Oil & Gas News
Released:  15/03/20172017-03-15
Word count:  346

TOKYO, March 15 (Reuters) - Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in U.S. crude stockpiles and as Goldman Sachs put a positive spin on OPEC's compliance with output cuts.

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Reuters
U.S. West Texas Intermediate crude was trading up 83 cents, or 1.7 percent, at $48.42 a barrel by 0536 GMT. That came after the contract fell for a seventh session on Tuesday in its longest losing streak since January 2016. Brent futures were up 76 cents, or 1.5 percent, at $51.68, after settling down 43 cents at $50.92 on Tuesday, their lowest finish since November.

U.S. crude stocks fell by 531,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement. That compared with analyst expectations for an increase of 3.7 million barrels. If the draw is confirmed by government data on Wednesday, it would be the first drawdown after nine consecutive builds. U.S. gasoline and distillate inventories drew more than expected, the data also showed.

Oil tumbled on Tuesday after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have erased nearly all of their gains since OPEC announced output cuts in November.

Secondary sources had said Saudi output fell in February to 9.797 million barrels per day (bpd), but Riyadh told OPEC it rose to 10.011 million bpd.

In an effort to dispel market concerns, the Saudi energy ministry said the "difference between what the market observes as production, and the actual supply levels in any given month, is due to operational factors that are influenced by storage adjustments and other month-to-month variables." Influential U.S. investment bank Goldman Sachs cast a positive light on the numbers, saying compliance with production cuts remains high. Market rebalancing is still progressing and the bank expects demand for oil to finally exceed supply next quarter.

"Our expectations that inventories will draw through 2017 therefore leads us to expect that Brent timespreads will continue to strengthen with the forward curve in backwardation by 3Q17," Goldman said in its research note.

OPEC's monthly report said oil stocks in industrialised nations rose in January to 278 million barrels above the five-year average, with U.S. shale and other non-OPEC supply gaining.

(Reporting by Aaron Sheldrick and Osamu Tsukimori; Editing by Richard Pullin and Joseph Radford)
Comments:

Business News

Business News
Released:  14/03/20172017-03-14
Word count:  55

Presidency Council member Abdelsalam Kajman met with representatives from Turkish hospitals and medical institutions today to discuss support for the Libyan healthcare sector.

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Libya herald
The two sides also looked at increasing the number of Libyans being treated in Turkish hospitals.

According to the Libyan news agency LANA, the Turkish team agreed to expand medical ties with Libya and offered to provide the Libyan Health ministry with most of its medial supply needs, both in terms of medicines and equipment.
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Business News

Business News

Mellitah Oil & Gas Company B.V (Gas Division) | TENDER | Provision of supply vessel services for offshore fields in support of Sabratha Platform and Bahr Essalam

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NOC

Mellitah Oil & Gas Company B.V (Gas Division), intends to issue the below tender and wish to invite for pre-qualification interested, experienced and reputable companies specialized in providing similar services stated below to submit all requirements for inclusion in the bidders list to be  invited to participate in the following tender:

TENDER NO. (ITT/005/LOG/17)

Provision of supply vessel services for offshore fields in support of Sabratha Platform andBahr Essalam (Phase II).   

 

SCOPE OF WORK

To provide supply vessel services for Sabratha Platform and Bahr Essalam (Phase II) at water depth 200m for supporting production and drilling platform in activities including standby and fire fighting, anchor handling with the following category:-

- Anchor handling (1 ea).

-PSV (3 ea).

-Tug (1 ea).

* Total of five (5) vessels is required. (Requirement of the supply vessels not more than 10 Years old).

 

QUALIFICATION REQUIREMENTS

Interested companies for the above tender must satisfy the stipulated requirements and submit the required information below. Failure to submit any of the under listed documents will render automatic disqualification:

1-Letter on Company's letterhead Addressed to the   

   "Contracts Department Manager- Gas Div" stating  

    expression of interest on the respective tender.

2-The bidders must be registered in Libya and have valid

    licenses.

3-Curriculum Vitae of staff assigned for this work

4-Company Profile with full details of similar contracts

    performed with relevant and verifiable Reference List of   

    Clients any additional information that will enhance the

    potential of the applicant /consortium.

5-The bidder shall have advance knowledge of local and   

    international environmental regulations to perform the    

    work activities.

6-Experience of similar contracts and references in Libya   

     and worldwide (List of clients and project details) for

     waste management activities.

7- Provide detail of HSEQ Management system, policies   

     and procedures;

8-Submission of Financial Status document of the  

     Company turnover for the last 3 years and the

     Organization Chart.

9-Mellitah Oil & Gas has the right to exclude any file does  

     not meet the above stipulated requirements.

10-Two Hard copies & one soft copy(CD)  of the             

     Prequalification Documents containing the above stated

     requirements shall be submitted in sealed envelopes   

     and marked:

 

 

TENDER NO. (ITT/005/LOG/17)

Provision of supply vessel services for offshore fields in support of Bahr Essalam Sabratha Platform.

 

 

Addressed to the " Contracts Department Manager "       ( Gas Division ) to the following address:

Mellitah Oil & Gas Company GAS Division

Dat El-Imad Complex, Tower 1- 4thFloor, P.O. Box 91651,

 Tripoli-Libya

The prequalification submission Date not later than 23/03/2017

Soft Copy can be submitted to the following email address:-

 

PREQ-GAS@Mellitahog.ly

 

 

 

 

 

Important Notes:

1-The pre‑qualification request is not an invitation to tender.    

    Company is neither committed nor obligated to undertake

    the work described above or to issue any call for tender or

    to include any respondent to this invitation or other   

    Company on any Bidders List or to award any form of  

    Contract.

2-The Invitation to Tender (ITT) and full ITT Package will       

   only be issued to qualified companies that have been pre- 

    qualified.

3-Company will not be responsible for what'sever costs   

    incurred for preparation and submission presented in   

    response to this notice.

4-Company shall deal only with authorized officers of the     

    bidding companies and not through individuals or agents.

 

Mellitah Oil & Gas - Libyan Branch (Gas Division)

Dat El-Imad Complex, Tower 1st - Floor 4th - P.O. Box 91651, Tripoli, LIBYA

Phone: + 218 21 3350 746-8       Fax: + 218 21 3350 746

Comments:

Oil & Gas News

Oil & Gas News
Released:  13/03/20172017-03-13
Word count:  209

Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs.

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Reuters
Brent crude had by 0011 GMT fallen 42 cents, or 0.82 percent, to its lowest since Nov. 30 at $50.95 per barrel. It closed the previous session down 1.6 percent at $51.37 a barrel.

U.S. West Texas Intermediate crude (WTI) declined 50 cents, or 1.03 percent, to $47.99 a barrel, its weakest since Nov.29. U.S. drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday, as energy companies increased spending to take advantage of a recovery in crude prices since the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut output late last year.

OPEC and other major oil producers including Russia reached a landmark agreement last year to cut production by almost 1.8 million barrels per day (bpd) during the first half of 2017.

Overshadowing the cuts, crude inventories in the United States, the world's top oil consumer, surged last week by 8.2 million barrels.

"With the market still digesting the big increase in inventories, oil prices are likely to remain under pressure today," ANZ bank said in a note.

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to March 7, according to data from the U.S. Commodity Futures Trading Commission (CFTC) on Friday.

(Reporting by Jane Chung; Editing by Joseph Radford)
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Find out what contracts are on offer in Libya
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