الهروج للعمليات النفطية ... عطاء رقم 31/2013 شراء وتوريد أنابيب تغليف آبار

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Oil & Gas News

Oil & Gas News
Released:  28/08/20142014-08-28
Word count:  214

Wintershall AG, the oil and gas unit of German chemical group BASF SE (BAS), said a lack of infrastructure is the only thing holding it back from resuming onshore oil production at full capacity in Libya.

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Bloomberg
“We’re ready to start production almost any day,” Martin Bachmann, Wintershall’s executive director for exploration and production, told reporters today in Stavanger, on Norway’s west coast. “What we lack is the export infrastructure. One day it’s the harbors which are occupied; when they’re open, the pipelines aren’t available.”

Wintershall is waiting for Libya’s national oil company to confirm that the infrastructure is ready, he said. Production could then increase “fairly fast” to the pre-stoppage capacity of almost 100,000 barrels of oil a day, Bachmann said.

Libya has spiraled into chaos as rival militias fought for power since the ouster of strongman Muammar Qaddafi in 2011. Wintershall’s onshore crude production was shut down in the summer of 2013 because of unrest, which blocked ports and other transport infrastructure, including pipelines.

The company said its operations and plans in Russia haven’t been affected by European Union and U.S. sanctions.

“There has been a negative spiral of sanctions, and I think we need to break that spiral,” Bachmann said. “There is no alternative to dialogue and cooperation.”

To contact the reporter on this story: Mikael Holter in Oslo at mholter2@bloomberg.net

To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Indranil Ghosh, Alastair Reed
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Oil & Gas News

Oil & Gas News
Released:  28/08/20142014-08-28
Word count:  459

NEW YORK, Aug 26 (Reuters) - U.S. crude rose on Tuesday as supportive U.S. economic data overshadowed concerns about slowed growth in other oil consuming economies and ample global oil supplies.

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Reuters
Brent crude futures settled lower and both U.S. and Brent finished off session peaks. U.S. crude drew support from government data showing durable goods orders jumped 22.6 percent in July, the biggest monthly gain on record. Also, the Conference Board, an industry group, reported that consumer confidence rose more than expected in August to its highest level since October 2007.

Brent crude fell 15 cents to settle at $102.50 a barrel, after reaching $103.40 during the session. U.S. crude rose 51 cents to settle at $93.86 a barrel, after failing to push through resistance in the area of the session peak at $94.35 a barrel, analysts said.

"We hit major resistance as the dollar got a little stronger. It's a rangebound trade with no real resistance" to the downside, said Bill Baruch, senior market strategist at iitrader.com in Chicago.

Brent and U.S. crude are on pace for a second straight monthly decline in August, as slow growth in China and Europe curbs demand for oil and led to a supply glut in the Atlantic Basin, offsetting the impact on prices from world political tensions.

Investors have unwound a global political risk premium in Brent, discounting the possibility of supply disruption despite conflicts in Iraq, Libya and Ukraine.

Barclays analysts said in a note that oil output was picking up from OPEC countries most likely to face supply bottlenecks such as Iran, Libya, Iraq and Nigeria.

Disrupted supply from these countries totalled less than 400,000 barrels per day in July, down from 1.6 million bpd in September last year, they said. Libya's oil production has been increasing in the past few weeks despite a split between an Islamist faction in Tripoli and the newly elected parliament, following air strikes attributed to Egypt and the United Arab Emirates.

Brent's premium to U.S. crude CL-LCO1=R ended at $8.64 a barrel on Tuesday, after reaching $9.35 intraday. On Monday the spread widened to $9.41, the widest in more than two months, on news of a pipeline oil flow switch that will send more crude to the U.S. oil contract's delivery point in Cushing, Oklahoma.

U.S. crude and gasoline stockpiles fell by 1.3 million barrels last week, in line with analysts' expectations, while distillate stocks built by 2.4 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

Investors will scour weekly U.S. government oil inventory data on Wednesday for further indications on supply and demand in the world's largest oil consumer.

U.S. commercial crude oil inventories are forecast to have fallen 1.3 million barrels last week, with refined product stockpiles also down, an expanded Reuters survey showed on Tuesday.

(Additional reporting by Robert Gibbons in New York, Julia Payne in London and Florence Tan in Singapore; Editing by Himani Sarkar, Jane Baird and Jan Paschal)  
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News Releases

News Releases
Released:  27/08/20142014-08-27
Word count:  327

The Libyan government through it embassy in Banjul Monday handed over 13 tractors to the Gambia government.

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All Africa
Solomon Owens, minister of Agriculture, speaking at the handing over ceremony recalled that there is a presidential proclamation that, come 2016, the importation of rice to The Gambia would be zero rated.

"Therefore, the coming of these tractors is very timely as an appropriate intervention in rice production through mechanization," he added. The minister of Agriculture then announced that "the 2016 initiative will require an increased area under rice production by 32.5 percent, that is, from 66,380 hectares to 87,984 hectares by 2016".

"Thus, if The Gambia is set to become food self-sufficient, cultivation methods will have to change from manual farming to highly-mechanized operations.

"In addition, complementing factors like irrigation; the use of advanced agronomic techniques; improved seeds and fertilizer use, as well as untapped land areas and water reserves will all have to come into play," Mr. Owens further stated. The Agriculture minister added that "these tractors will form a major component of our agricultural production input", and help in putting more land into production.

Such machinery will also reduced drudgery in farming activities, improve the timelines and efficiency of farm operations, as well as accomplish tasks that are difficult to perform without mechanical aid.

Minister Owens went on" "We are aware that Libya is investing a significant share of national revenues in agriculture through the use of machinery and labour-saving implements."

Speaking at the same ceremony held at the Libyan Embassy in Fajara, Dr Ibrahim AA-Abusheriah, charge d'affaires at the embassy, described handing over the tractors as "a gesture of goodwill, recognition and appreciation" from the Libyan people to the people of The Gambia.

Dr. AA-Abusheriah recalled that on 22 April 2011, the Gambia government in a statement came out openly and strongly in support of regime change in Libya.

"This timely and decisive stance... affected a change in the noncommittal position of the African Union, thus quickening the pace for the birth of the new state of Libya... We will never forget that paramount stance... ," Libya's top diplomat in Banjul declared.  
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Oil & Gas News

Oil & Gas News
Released:  27/08/20142014-08-27
Word count:  60

Libyan oil production rises to 650,000 bpd - NOC

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TRIPOLI, Aug 25 (Reuters) - Libya's oil production has risen to 650,000 barrels a day, a spokesman for National Oil Corp (NOC) said on Monday.

The OPEC member's output has risen steadily in the past few weeks despite the spread of clashes between armed groups in the North African country.

(Reporting by Feras Bosalum; Writing by Ulf Laessing, editing by David Evans)
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Oil & Gas News

Oil & Gas News
Released:  26/08/20142014-08-26
Word count:  321

LONDON—Libya said Monday normal operations had resumed at the giant Waha oil field as the country's output jumps in contrast with mounting violence in urban centers.

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WSJ
The latest step in Libya's oil recovery contrasts with claims by an Islamist militia to have taken over of Tripoli's airport over the weekend.

Speaking to The Wall Street Journal, Mohamed el-Harari, spokesman for the state-owned National Oil Co., said operations had resumed earlier Monday at Eastern Libya's Waha oil field, paving the way for a return to exported production later this week.

Waha, which normally produces 160,000 barrels a day, supplies crude to the Es Sider terminal, which restarted exports using stored oil last week after a year-long interruption.

The Waha field, which is partly owned by U.S. companies ConocoPhillips, COP +0.70% Hess Corp. HES +1.37% and Marathon Oil Corp. MRO +0.93% , has kept producing small quantities of oil for its own maintenance, according to an unnamed Libyan oil official. The unnamed official said supplies from the field could restart as early as Tuesday—which could bring Libya's overall production to about 800,000 barrels a day.

In recent weeks, the country's oil output has already bounced back after government deals with rebels and protesters led to the reopening of other oil fields and terminals.

As of Sunday, Libya's production stood at 665,000 barrels a day, Mr. el-Harari said. That is up from 150,000 barrels a day late May but still less than half the country's normal production of about 1.5 million barrels a day. The recovery of Libya's oil industry—a key oil exporter to European refiners—contrasts with mounting violence in the country's largest cities of Benghazi and Tripoli.

Over the weekend, a militia hailing from the Western coastal city of Misrata claimed to have wrestled control of Tripoli's international airport from a rival armed group from the mountain town of Zintan. The takeover, which was confirmed by residents in Tripoli, came despite aerial of Misrata militia's camps on Saturday.

Corrections & Amplifications

Libya's Waha oil field has resumed operations. The headline on earlier versions of this article mistakenly referred to the resumption of output.  
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News Releases

News Releases
Released:  26/08/20142014-08-26
Word count:  458

Oil was neutral at $102 a barrel on Monday as support from geopolitical tensions in Ukraine and Libya was negated by ample supply preventing a rebound from last week's 14-month low.

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Upstream online
Brent crude fell seven cents to trade at $102.22 at 1500 GMT on Monday, compared to a 14-month low of $101.07 it struck on 19 August. US crude was down 42 cents at $93.23.

Libyan exports have risen in the past few weeks although a further recovery looks uncertain, analysts say, and the revival stood in sharp contrast to rising violence in Libyan urban centres. Rockets hit eastern Libya’s Labraq airport in eastern Libya on Monday, a day after fire destroyed the terminal at Tripoli's main airport.

The escalating violence between armed factions has prompted Libya’s ambassador to Egypt to seek the international community’s help to protect its oilfields, airports and other key state assets.

At the same time, the country’s National Oil Company said that the key Waha oilfield had resumed operations and that the 160,000-barrel field could resume supplying crude to the Es Sider terminal as soon as Tuesday.

Libyan oil output has recovered to 655,000 barrels per day, the official said, up from a low of 200,000 bpd struck earlier this year before new deals with rebels in recent months but still way off its pre-war rate of 1.7 million bpd. "Oil prices are likely to stabilise, so we no longer expect prices to slide any further," said Carsten Fritsch, analyst at Commerzbank. "Risks to the oil supply are still considerable."

Underlining the extent of the recent selling pressure, exchange data for the week to 19 August released on Monday showed hedge funds and other big speculators had cut their bets on rising Brent prices to the lowest in more than two years.

Weak demand and healthy production have helped create a supply glut in the Atlantic Basin, pushing Brent into its longest contango since early 2011, Morgan Stanley said. In a contango market, immediate supply is cheaper than oil for delivery later.

“We expect Brent to trade in a slightly lower range for much of the third quarter, barring any geopolitical escalation,” the bank's analysts, led by Adam Longson, said in a note.

“Libyan supplies could trickle back, but maintenance and security issues should keep exports subdued.” In Europe, Russian President Vladimir Putin will meet his Ukrainian counterpart Petro Poroshenko for the first time in months on Tuesday to try to reach a compromise on Ukraine.

Russia wants to send a second humanitarian aid convoy to eastern Ukraine in the near future, Foreign Minister Sergei Lavrov said on Monday after Kiev and the West criticised Moscow for sending the first without official permission.

The dollar index rose as the US Federal Reserve prepared to lay the groundwork for the central bank's first interest rate increase in nearly a decade.

A stronger dollar makes dollar-denominated commodities such as oil more expensive for holders of other currencies, and tends to weigh on prices.  
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Oil & Gas News

Oil & Gas News
Released:  25/08/20142014-08-25
Word count:  544

U.S. crude oil ended lower Friday on demand growth concerns, despite some recent upbeat economic data out of the U.S. and a bigger than expected decline in U.S. crude oil stockpiles last week. Renewed concerns of a slowdown in China and the resumption of oil shipments from Libya weighed on crude oil, with worries centered around an oversupply situation.

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Rtt news
Investors mulled over Federal Reserve Chair Janet Yellen's warning on Friday that rate hikes could come sooner than expected if the U.S. economic recovery is sustained. She was speaking at the Fed's annual Jackson Hole symposium, addressing fellow central bankers.

However, Yellen also said the Fed's internal labor market indicators suggest the recent decline in the unemployment rate overstates the improvement in overall labor market conditions.

Fed members are engaged in a tricky debate over when to raise rates from near zero for the first time in six years. With the Fed charged with promoting maximum employment, the debate hinges on a thorough analysis of slack in the labor market, the subject of today's speech by Yellen.

The minutes of the Federal Reserve's recent policy meeting indicated some fierce debate over interest rates with some members favoring a hike sooner than earlier forecast.

Investors were also focused on developments in Ukraine and the Middle East. According to reports, a part of the Russian aid convoy has moved into Ukraine, even as the Ukrainian government has reportedly accused Russia for sending the convoy past the border without permission.

In Iraq, U.S. military reportedly launched fresh strikes against IS militants, despite threats from Islamic militants to kill another US reporter held by them.

Light Sweet Crude Oil futures for October delivery, the most actively traded contract, dropped $0.31 or 0.3 percent to close at $93.65 a barrel on the New York Mercantile Exchange Friday.

Crude prices for October delivery scaled a high of $94.04 a barrel intraday and a low of $92.92. On Thursday, crude oil futures ended higher aided by a slew of upbeat U.S. economic data including reports showing a bigger than expected drop in jobless claims and a more than expected jump in existing home sales. Nonetheless, the gains were limited with some weak reading on Chinese manufacturing activity in August and on reports of oil shipments have resumed from Libya's largest terminal Es Sider.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 82.28 on Friday, up from its previous close of 82.16 late Wednesday in North American trade. The dollar scaled a high of 82.46 intraday and a low of 82.06. The euro trended lower against the dollar at $1.3243 on Friday, as compared to its previous close of $1.3281 late Thursday in North American trade. The euro scaled a high of $1.3297 intraday and a low of $1.3222.

Speaking at the Jackson Hole Symposium, Federal Reserve Chair Janet Yellen said the central bank could go either way with regard to interest rates. Yellen said an increase in rates could come sooner than expected if the progress on inflation and the labor market occurred more rapidly than anticipated. At the same time, future calls on rates could be more accommodative in the event of a disappointing economic performance.

From Europe, U.K.'s house price sentiment index rose in August at the slowest pace in five months, results of a survey by Knight Frank and Markit Economics showed Friday. The house price sentiment index, an indicator of house price trends, dropped to 61.8 in August from 62.4 in July. However, a reading above 50 indicates that prices are rising. It was the seventeenth consecutive month of increase.

by RTT Staff Writer For comments and feedback: editorial@rttnews.com
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News Releases

News Releases
Released:  25/08/20142014-08-25
Word count:  209

BENGHAZI, Libya, Aug 23 (Reuters) - A second tanker finished loading oil at Libya's eastern Es Sider port, state-run National Oil Corp (NOC) said on Saturday, as exports from the country's biggest crude export terminal picked up after being closed for a year.

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Reuters
The OPEC member's oil exports have risen in the past few weeks as major ports in the east have restarted operations following a deal in early July with a group of federalist rebels.

A second tanker bound for Italy finished loading oil at Es Sider and sailed off late on Friday, NOC spokesman Mohamed El Harari said. A first tanker left on Thursday.

Exports are resuming after technical problems and mistrust between the government and the rebels, who were campaigning for regional autonomy, delayed implementation of the port deal for weeks.

Oil production has risen to 612,000 barrels per day (bpd), NOC said on Thursday. This is well above lows of barely 100,000 bpd seen earlier this year but still short of levels of about 1.4 million bpd a year ago.

The North African country badly needs higher exports to cover its budget needs as oil is the only source of income. The restart of Es Sider comes at a time when clashes between rival groups who helped oust Muammar Gaddafi in 2011 have escalated in the capital Tripoli in the past few weeks.

(Reporting by Feras Bosalum; Writing by Ulf Laessing; Editing by David Holmes)

((ulf.laessing@thomsonreuters.com; follow me on twitter @ulflaessing; Reuters Messaging: ulf.laessing.reuters.com@reuters.net))
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News Releases

News Releases
Released:  22/08/20142014-08-22
Word count:  69

The US Office of Management and Budget has reportedly approved a controversial Dept of Homeland Security (DHS) rule to ease the way for Libyans to attend U.S. flight schools.

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Libya business news
It was put in place in the 1980s after a wave of Libyan terrorism and House Republicans say the ban should stay in place.

Republican Congressman Bob Goodlatte said the proposed rule would “lift a longstanding prohibition on Libyans coming to the U.S. to attend flight school, to work in aviation maintenance or flight operations, or to study or seek training in nuclear science.”

(Source: Politico, Bob Goodlatte)
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Oil & Gas News

Oil & Gas News
Released:  22/08/20142014-08-22
Word count:  46

Libya oil production rises to 612,000 bpd -NOC

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BENGHAZI, Libya, Aug 21 (Reuters) - Libya's oil production has risen to 612,000 barrels a day, a spokesman for state-run National Oil Corp (NOC) said on Thursday.

The OPEC member had last put output at 560,000 bpd.

(Reporting by Feras Bosalum; Writing by Ulf Laessing; Editing by Pravin Char)
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News Releases

News Releases
Released:  21/08/20142014-08-21
Word count:  179

LONDON (Reuters) - Goldman Sachs and Libya's sovereign wealth fund are set to meet in a London court over claims the Wall Street bank exploited a position of trust by encouraging the fund to invest more than $1 billion in trades that ended up worthless.

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Reuters
Goldman had filed a summary judgment application - a request to decide a claim without going to trial - in the case brought by the Libyan Investment Authority (LIA) in January, but has recently withdrawn it, the LIA said in a statement.

"Following the serving of the LIA's reply evidence, Goldman Sachs has withdrawn its summary judgment application," the LIA said.

A case management hearing has now been scheduled for early October.

Goldman did not immediately respond to requests for comment. A spokesperson previously described the claims as without merit and said the bank would defend them vigorously.

The LIA brought a lawsuit to London's High Court over a series of equity trades executed between January and April 2008 that expired as worthless in 2011.

The fund, which became a Goldman client in 2007, alleges that the bank deliberately exploited the relationship of trust and confidence it had established with LIA staff, causing the fund to enter into the disputed trades.

The LIA estimates that Goldman made substantial profit of around $350 million on the trades, while it was left with "colossal" losses.
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Oil & Gas News

Oil & Gas News
Released:  20/08/20142014-08-20
Word count:  411

NEW YORK, Aug 18 (Reuters) - Brent crude oil shed nearly $2 a barrel to reach its lowest price in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies.

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Reuters
"You had a very solid run-up on Friday, probably related to geopolitical risk going into the weekend, and you have a hangover (Monday) because of that," said Stephen Schork, editor of the Schork Report in Villanova, Pennsylvania.

Crude pared gains from Friday's spike when the government in Kiev said its artillery had partially destroyed a Russian armoured column.

By Monday, Kiev military reported new successes overnight, building on a weekend breakthrough when Ukrainian troops raised the national flag in Luhansk, a city held by pro-Russian separatists since fighting began in April. Brent crude fell $1.93 to settle at $101.60 a barrel, after notching a session low of $101.11, the lowest since June 2013.

U.S. crude for September fell by 94 cents to settle at $96.41, after paring losses from an earlier low of $95.81. U.S. crude futures prices were briefly lifted off intraday lows by a report from industry intelligence company Genscape of "further increased activity" at CVR Refining LP's 115,000 barrel-per-day Coffeyville, Kansas, refinery. The Kansas Department of Health and Environment, however, said the refinery, which was shut by a fire on July 29, remained closed. The refinery has direct access to the Cushing, Oklahoma, oil storage hub and delivery point for the U.S. crude contract.

The September U.S. crude contract is set to expire on Wednesday. Its premium, or backwardation, to the October contract widened to $2.66, indicating supplies in the later month were expected to be more ample than in the immediate-term.

Phil Flynn, analyst at the Price Futures Group in Chicago, said Coffeyville could need additional crude as soon as it was up and running in order to make up for lost production. He also said refineries were entering "shoulder season," a period of weak oil demand when summer driving wanes and winter has not yet begun.

In Iraq, Kurdish peshmerga fighters and Iraqi forces have pushed Islamic State militants out of Mosul dam, state television reported, while higher Libyan output threatens to compound ample supply.

Advances by militants in Iraq in June prompted a rise in oil prices, although the fighting has yet to affect oil supplies from southern oil ports, the outlet by which almost all of Iraq's crude exports reach world markets.

Libya's production, disrupted for months by strikes and protests, had risen to 535,000 bpd on Sunday, higher than previously reported, but still far below the 1.4 million bpd pumped last year.

(Additional reporting by Alex Lawler and Jacob Pedersen; Editing by David Evans, Keiron Henderson, Marguerita Choy and Lisa Shumaker)  
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Oil & Gas News

Oil & Gas News
Released:  20/08/20142014-08-20
Word count:  383

LONDON/TRIPOLI, Aug 19 (Reuters) - Libya is due to start loading its first crude oil tanker from top port Es Sider on Tuesday following a year-long blockade by eastern federalists, a Libyan oil official and trading sources said.

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Reuters
* Total oil output reaches 562,000 bpd

* Es Sider port to start loading tanker on Tuesday

* Wintershall restarts production for Ras Lanuf port (Adds context, detail)

The country's oil industry is making a modest comeback, restarting production and exports even while Tripoli has become a battleground for rival armed factions amid the worst violence since the 2011 civil war.

Output has risen to 562,000 barrels per day (bpd), the state-owned National Oil Corp said on Tuesday, although still well below its pre-blockade level of around 1.4 million bpd.

Through a two-part deal completed in early July, a federalist rebel group agreed to end its blockade of four eastern ports

Production, which fell below 200,000 bpd in May, has picked up since the deal to exceed 400,000 bpd over the past month.

Exports are inching up, helping the crippled government cover its budget needs, after falling close to zero in June.

Germany's Wintershall, a subsidiary of BASF, has restarted production at the 220,000 barrel-per-day (bpd) Ras Lanuf terminal for the first time since protests ended in July, Ibrahim al-Awami, general manager of inspections and measurement at the oil ministry, told Reuters.

The resolution of the eastern protests and the election of a new parliament also helped stabilise the situation in the west, where other groups periodically shut down oilfields and ports.

In the eastern Es Sider terminal, the SC Sara tanker will be one of the first to load crude oil from storage at the 320,000 barrel per day Es Sider terminal on Tuesday, the market sources said.

Several more cargoes are expected to be shipped by companies with stakes in the Waha Oil Co, which runs the Es Sider port and connected oilfields, namely Marathon, Hess and Conoco. Austria's OMV is also expected to lift a cargo.

The port currently holds some 4.5 million barrels in storage, but once the tanks are emptied, the connected oilfields can restart production, officials said.

At the eastern Ras Lanuf port next to Es Sider, OMV was the first to load a cargo last week. Wintershall's output is blended to produce the Sirtica grade, exported by the Harouge Oil Co, which runs the port.

"Sirtica oil started being pumped to Harouge Oil Co to Ras Lanuf two or three days ago," al-Awami said.

(Additional reporting by Feras Bosalum in Benghazi; editing by Jason Neely and Jane Baird)
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Oil & Gas News

Oil & Gas News
Released:  19/08/20142014-08-19
Word count:  98

Initiate drilling new well exploration in marine area

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NOC
On Monday the 18th of August 2014, Eni North Africa (Eni-NA) has spud its exploration well B1-16/4 in Contract Area “D”, offshore Libya.

The Area was granted to Eni-NA under EPSA IV contract model signed between the company and Libya National Oil Corporation (NOC) in 01 January 2008.

The Exploration well will be drilled in a water depth of 490 feet (149 meter) and it is located about 92 kilometer north of Tripoli and 44 Kilometer south of Al-Bouri Oil Field.

The estimated total depth of this well is (11,000 feet) and the drilling is expected to be completed in 3months from the spud date.
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Oil & Gas News

Oil & Gas News
Released:  19/08/20142014-08-19
Word count:  99

Libya oil output up 535,000 bpd led by El Sharara, El Feel -NOC

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Reuters
BENGHAZI, Libya Aug 17 (Reuters) - Libya's oil production has risen to 535,000 barrels a day (bpd) due to a higher output at the southwestern El Sharara, El Feel fields, a spokesman for National Oil Corp (NOC) said on Sunday.

NOC had put output at 400,000 bpd on Thursday.

NOC spokesman Mohamed El Harari also said the eastern Es Sider port was ready to receive a first tanker after having been closed for a year by protests. "We are awaiting a tanker to arrive in the next days," he said.

(Reporting by Feras Bosalum; Writing by Ulf Laessing; editing by Jason Neely)  
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Oil & Gas News

Oil & Gas News
Released:  18/08/20142014-08-18
Word count:  322

As Summer Said and Benoit Faucon report, the Es Sider port will resume operations next week. The port is capable of loading around 340,000 barrels of oil per day and there are some big tankers anxiously waiting to start taking on the crude that’s been piling up in storage in Libya.

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Wsj
With another large Libyan port already having reopened this week, hopes will be rising of a return of significant amounts of Libyan oil to international markets.

The irony is that all this oil may be struggling to find a home. The International Energy Agency earlier this week actually warned that Libyan oil is struggling to find buyers amid declining demand for crude world-wide, particularly in Europe.

This lack of demand appears to be the main reason why, in a period of seemingly high geopolitical stress—not just in Libya, but in Iraq, Ukraine and the Middle East—oil prices have counterintuitively been falling.

MEXICO IS BACK, TOO

Meanwhile, reform of Mexico’s oil sector continues apace.

The government there is to allow private companies to bid for 80% of new resources found in the country. That puts some meat on the bones of promised changes to Mexico’s oil industry, which has been dominated for decades by state-owned giant Pemex.

Pemex will, of course, continue to hold huge sway over Mexican oil, keeping control of the vast majority of the country’s currently active oil fields.

But the company itself is welcoming the sector’s reform. Long thought of as an inefficient and sometimes corrupt institution, Pemex now has the chance to change itself. According to an interview with The Wall Street Journal, its young chief executive, Emilio Lozoya, says the company has already received hundreds of offers for joint ventures from private oil companies.

Certainly some of the major oil companies will be licking their lips at the prospect of Mexico’s opening up, with assets in the Gulf of Mexico expected to be high on their wish lists.

MARKETS

Crude oil futures were lower in Europe after an unexpected increase in U.S. oil stockpiles and a disappointing performance by the European economy. You can read the Journal market report here.

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Oil & Gas News

Oil & Gas News
Released:  18/08/20142014-08-18
Word count:  434

Libya is shipping the most natural gas to Italy in 11 months as Ukraine sanctions threaten to disrupt supplies from Russia, which meets almost a third of the southern European nation’s needs.

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Bloomberg
Libyan gas exports to Italy rose to 573 million cubic meters (20 billion cubic feet) in July, the most since August 2013 and about 15 percent of the country’s consumption, according to Italy’s grid operator Snam Rete Gas. Last month’s flows from Libya, which ships all of its pipeline gas to Italy, were still 14 percent below the same period in 2010, before the violent ouster of Muammar Qaddafi halted exports.

Ukraine passed a bill yesterday that may allow it to impose sanctions against Russia, increasing the risk of disruptions in gas transit to Europe. Italy uses 9 billion to 10 billion cubic meters of gas a month on average in winter, with Russian supplies making up an estimated 2 billion to 2.5 billion cubic meters, according to consultants Energy Aspects Ltd.

“It’s unlikely that Libya can ramp up gas exports to Italy to 2010 levels any time soon, so Italy will continue to depend on Russian flows that cross Ukraine,” Moses Rahnama, an analyst at Energy Aspects, said by e-mail Aug. 13. “With current storage levels, a cut-off to Russian flows means Italy would have to compete for Norwegian and Dutch flows.”

Italy’s gas inventories were 14.7 billion cubic meters as of yesterday, meaning storage facilities were 89 percent full, according to Gas Infrastructure Europe.

Flows Halt

Libyan gas flows to Italy halted for seven months in 2011 and for about a week in November, when protesters attacked the Mellitah oil and natural gas station 80 kilometers (50 miles) west of Tripoli. Russia’s OAO Gazprom boosted supplies to Italy during the November cut-off.

Italy shouldn’t count on gas flows from Libya as the political situation there isn’t improving, according to Thierry Bros, an analyst at Societe Generale SA in Paris. Feuding militias having been battling for weeks in the capital Tripoli and the eastern city of Benghazi in the worst unrest since 2011.

“Recent events suggest there is a greater risk of damage to oil and gas infrastructure,” Morgan Stanley analysts including Haythem Rashed said in an Aug. 6 report. “Damage to critical infrastructure in the last month such as Tripoli airport and Libya’s largest fuel storage depot are a clear sign of a deteriorating security situation.”

The Greenstream gas pipeline, owned by Rome-based Eni SpA and Libya’s National Oil Corp., links the Mellitah compressor station to the reception terminal at Gela, Sicily, where the fuel is let into the Italian gas transport network, according to Eni’s website.

To contact the reporter on this story: Isis Almeida in London at ialmeida3@bloomberg.net

To contact the editors responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net Andrew Reierson, Rob Verdonck  
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1 week ago

Contract News

Contract News Business News
Released:  15/08/20142014-08-15
Word count:  154

British company BanaBay is to supply bananas to Libyan fruit importer Al Fakhira.

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Libya business news
The company’s Managing Director, Mark O’Sullivan, said the Middle East has been identified by the company as a target area for growth, and the new Libyan contract represents an important step forward in a new marketplace, adding:

“We have had a lot of interest in BanaBay fruit from several countries in the region, where there is high demand for premium quality fresh produce.

“Our new contract with Al Fakhira will open up opportunities in Libya and also in other areas where they operate, such as Tunisa.

“We are already shipping 6 containers a week to Libya and anticipate increased volumes as we consolidate our relationship and establish our products in this new marketplace.”

Al Fakhira’s Mohamed Byok said: “We are delighted to be adding BanaBay bananas to our established range of produce and look forward to working with BanaBay to promote the new brand to our customers in Libya.”

(Source: BanaBay Bananas)
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1 week ago

Oil & Gas News

Oil & Gas News
Released:  15/08/20142014-08-15
Word count:  665

With Libya’s’ RasLanuf and Es Sider ports operational again, Bidness Etc examines the possibility of the Libyan economy making a comeback after a year of turmoil, and of Brent crude prices falling because of a supply glut

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Bidness ETC
Libya will recommence its oil exports from its largest port, Es Sider, as early as next Monday. This past Tuesday, an oil tanker sailed from the port of RasLanuf, making its first shipment in almost a year, after the two ports were shut down by rebel forces.

The shipment from RasLanuf port carried 670,000 barrels of crude and is being transported on the tanker called Gemini Sun Aframax, chartered by the Austrian company OMV AG (ADR) (OMVKY). The company is engaged in oil and gas upstream and downstream operations.

According to National Oil Corporation, Libya’s state-held integrated oil company, the Gemini tanker is sailing toward Italy, Libya’s largest oil export market. The port of RasLanuf was given back to the state-run company in July by rebel forces. However, National Oil has since struggled to find buyers for its exports. It found buyers for the first shipment only after it reduced its prices.

Es Sider has a loading capacity of 340,000 barrels per day (bbl/d). Loading plans for the port include six tankers, with a capacity of 600,000 barrels each. The oil is stored at the port’s terminal for use. The oil at the terminal will be divided among the state-run corporation and its partners, which are Marathon Oil Corporation (MRO), Hess Corp. (HES), and ConocoPhillips (COP). Meanwhile, the RasLanuf port, Libya’s third-largest oil port, has a loading capacity of 220,000 bbl/d.

According to the Energy Information Administration (EIA), Libya has the most proven crude reserves in Africa, with 48.5 billion barrels. It is also an important member of the Organization of the Petroleum Exporting Countries (OPEC). However, the country’s crude production has been negatively affected in the recent past.

Before the civil war began in February 2011, the country’s crude production stood at more than 1.6 million barrels of oil per day (mmbbl/d). The production declined to a meager 200,000 bbl/d in a matter of months during the violence. Post-civil war, the crude production had jumped back to approximately 1.5 mmbbl/d. However, due to frequent labor protests and power issues, the crude production was not sustained.

Labor protests were sparked by demands for better living conditions and an increase in salaries. It took a political turn and later transformed into addressing issues such as corruption and autonomy in the region, which almost crippled the Libyan economy. Protests escalated in July last year at major oil ports.

Production fell to 200,000 bbl/d in September last year as the rebel Zintan militia blocked pipelines connecting the Elephant fields with oil export terminals of Zawiya and Mellitah.

With the RasLanuf and Es Sider operational again, exports will receive a big boost. The Libyan economy has received almost 80% of all its export revenue through oil exports during 2012.

The ongoing crisis in Iraq, also an OPEC member, has caused companies such as Afren Plc London (AFRNF), Exxon Mobil Corporation (XOM), BP Plc (ADR) (BP), and Chevron Corporation (CVX) to suspend operations and evacuate a large number of their staff from Kurdistan. These companies may now look toward the lucrative opportunity presented by the Libyan oil reserves.

With the appointment a new PM Haider al-Abadi in Iraq, the situation in Iraq may improve, especially since al-Abadi is considered to be a ‘moderate Shia’ – unlike his predecessor. The price of Brent crude is a worldwide benchmark for crude oil price, and hit a new 13-month low of $102.37 yesterday. The International Energy Agency (IEA) estimated the growth in demand will drop by 180,000 bbl/d in 2014 to 1 mmbbl/d.

For 2015, the IEA projects the growth in demand to be 1.3 mmbbl/d, which is 90,000 bbl/d lower than expected. The weakened demand outlook will only add to the supply glut. The global crude output topped 93 mmbbl/d in July, an increase of 230,000 bbl/d, according to the data released by the IEA. The commencing of exports from Libya will further put pressure on Brent crude prices, as Libyan crude output adds to the supply surplus that is prevalent in the global oil market.
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News Releases

News Releases
Released:  14/08/20142014-08-14
Word count:  39

Toyota Libya has not shut down

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Mubasher
Claims that Toyota’s Libyan operations have been suspended at their Misrata head office have been denied by top management there.

It is worth mentioning that many foreign companies in Libya suspended their activities recently due to security turmoil.
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