اتفاقية في مجال التدريب بين ليبيا وبريطانية..

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Business News

Business News
Released:  06/03/20152015-03-06
Word count:  52

The top fruit market did not show many changes with respect to the latest survey. There was a slight recovery of trade towards Libya for apples, whereas increased volumes of pears were sold abroad. More kiwis were sold overseas.

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Fresh plaza
Fresh apples: no particular variation. Slight recovery of exports towards Libya though purchases are still uncertain due to the political-military situation of the country. Stable trade on the domestic market - slow but constant.

Read more at http://www.freshplaza.com/article/136229/Italy-More-kiwis-sold-overseas-and-recovery-of-apple-trade-towards-Libya
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Oil & Gas News

Oil & Gas News
Released:  06/03/20152015-03-06
Word count:  380

(Reuters) - Oil closed lower on Thursday in volatile trade, as a soaring dollar and the U.S. pursuit of an Iranian nuclear deal offset earlier gains from supply concerns in Libya and Iraq.

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Reuters
Libya's declaration of force majeure on nearly a dozen of its oilfields due to security concerns and arson attacks by Islamic State militants on Iraqi oil wells helped prices climb during the European session.

In New York trade, the market came off its highs after the dollar hit 11-1/2 year highs against the euro, weighing on oil prices denominated in the greenback.

Washington's pursuit of a nuclear agreement with Tehran, which could end sanctions against Iran and bring more oil from the OPEC member into an already flooded market further dragged on prices.

Even so, market bulls convinced oil had hit a bottom after the June-January selloff that had knocked 60 percent off prices stepped in to prevent a sharp slide in Thursday's session.

Those betting on a "blowout" in the spread between benchmark Brent oil and U.S. crude added to the market's volatility, traders said.

Brent LCOc1 settled down 7 cents at $60.48 a barrel, after rallying more than $1 earlier.

U.S. crude CLc1 finished down 77 cents at $50.76, after rising to $52.40 earlier.

"It was extremely choppy day in oil, which shouldn't have been the case, given there were overwhelmingly bearish factors compared to positive," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow in New York.

The dollar tumbled against the euro EUR= after European Central Bank chief Mario Draghi left the door open for asset purchases beyond September 2016.

U.S. Secretary of State John Kerry said a nuclear deal with Tehran would address security concerns of Gulf Arab countries, but added that Washington was not seeking a "grand bargain" with Iran, a reference to wider political and security cooperation.

Weaker-than-expected U.S. jobless claims and factory orders and a drop in nonfarm productivity were other negatives for oil.

Brent's premium to U.S. crude CL-LCO1=R, which stood at a 13-month high of $13 a barrel on Friday, narrowed to below $9 on Wednesday after government data showed lower-than-expected crude builds in the Cushing, Oklahoma delivery hub for U.S. oil. [EIA/S]

But a new estimate on Thursday from market data research firm Genscape suggested that Cushing builds could be swelling again, widening Brent's premium to near $10.

(Additional reporting by Himanshu Ojha in London and Florence Tan in Singapore; Editing by David Clarke, Marguerita Choy and Diane Craft)  
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News Releases

News Releases
Released:  05/03/20152015-03-05
Word count:  196

A new privately-owned Libyan satellite TV channel was launched from Amman Jordan yesterday.

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Libya biz info
The Qanat Libya (Libya’s Channel) is reportedly owned by Rida Al-Nayid, the brother of Libya’s ambassador to the UAE, Aref Al-Nayid.

The channel is expected to share the political outlook of the House of Representatives in Tobruk. The channel has also taken the step of broadcasting in MPEG4 HD which requires specific HD receivers – a move that has meant many Libyans are unable to receive the signal properly.

Many of the channel’s presenters are well known presenters that have either had to leave Tripoli because of a fear for their safety from attacks on members of the media, or former employees of other satellite TV channels such as the formerly popular Libya Al-Ahrar.

It will be recalled that there are currently no ‘’opposition’’ TV stations in the capital Tripoli after its occupation by the GNC-Libya Dawn coalition in July 2015.

In reality there is a shortage of quality TV in Libya after the demise of the Qatar-based Libya Al-Ahrar and after the bombing of the Al-Assema TV channel in Tripoli.

There has been an ongoing media war in post 2011 revolution Libya as both sides of the political conflict have attempted to dominate the media.
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News Releases

News Releases
Released:  05/03/20152015-03-05
Word count:  61

A spokesman for Libya’s National Oil Corporation (NOC) has rejected a report by United Nations sanctions monitors that said Libyan authorities were unable to stop the illicit trade in oil or the flow of weapons in and out of the country.

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Libya business news
Reuters quotes Mohammed El-Harari as saying that all oil port and export operations were carried out under the authority of theTripoli-based NOC, which is responsible for shipping crude oil.

“The NOC did not register any smuggling of Libyan crude oil, In contrast, the NOC condemns the smuggling of fuel and oil products from the local market to neighboring countries,” he said.
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Oil & Gas News

Oil & Gas News

National Oil Corporation (NOC) and ENI North Africa Libya (Operator), being partners in an Exploration and Sharing Agreement in contract area D (NC41) signed in June 2008, announce a new gas discovery in Contract Area D (NC41) in Sabratah Basin, Offshore Libya.

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NOC
The discovery exploration (New Field Wildcat) well B1-16/04 is located approximately 82 km from the Libyan coast and 15 km Southwest of Bahr Essalam Field and was drilled at an average water depth of about 150 m.

The initial production test results are summarized in the following Table:

Well Name

Formation

Interval

(ft)

Choke Size

(Inch)

Condensate Rate

bbls/d

Oil Gravity

API

Gas Rate

mmcf/d

WHP

(PSI)

B1-16/04

Metlaoui Group Nummulitic Carbonates

9,790 – 9,930

64/32

257

47

17

2,879

64/64

621

29

1,469



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News Releases

News Releases Business News

The Libyan Industrial Union discussed the effects of the shortage of foreign currency exchange and hard currency at Libyan banks on the Libyan economy at a meeting in Tripoli Sunday.

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Libya herald
The meeting attended by Libyan businessmen and representatives of various unions and the Libyan General Union of Chambers of Commerce and Industry (GUCCI).

The meeting decided to continue to hold regular meetings in an effort to find solutions to Libya’s growing economic problems caused by the inability or unwillingness of the Central Bank of Libya (CBL) to provide hard currency for businesses for the import of consumer goods.

The low limits of hard currency made available to importers by CBL has led to a shortage of some consumer products and to the rise in prices.

It will be recalled that Libya is going through an economic crises caused by its collapse in oil exports, caused by fighting between the various political factions and militias, as well as the collapse of international crude oil prices.

This fall in revenues has led to a run on Libya’s foreign exchange reserves and is threatening to weaken the exchange rate of the Libyan dinar.
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Oil & Gas News

Oil & Gas News
Released:  03/03/20152015-03-03
Word count:  364

(Reuters) - Brent crude futures rose above $60 a barrel on Tuesday, after a sharp drop in the previous session on record U.S. stocks, as firm Asian markets supported prices.

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Reuters
Most Asian stock markets edged up, bolstered by another record day on Wall Street, while a resurgent yen helped knock the U.S. dollar index off an 11-year high, making commodities priced in the greenback cheaper for holders of other currencies.

Front-month Brent futures LCOc1 were trading at $60.40 a barrel at 2330 ET, up 86 cents from their settlement. U.S. WTI futures CLc1 were up 35 cents at $49.94 a barrel.

A drop in U.S. rig counts is also boosting oil prices, analysts said.

"Brent crude prices (are) attempting to rally on rapid week-on-week reduction in U.S. ... rig count," Morgan Stanley said on in a note on Tuesday.

U.S. oil rig count fell by 33 rigs last week.

"The current U.S. horizontal and vertical rig count across the Permian, Eagle Ford, Bakken and Niobrara shale plays implies that U.S. oil production growth will reach 385,000 b/d (barrels per day) y-o-y by 4Q15, down 55 kb/d versus last week's rig count," Goldman Sachs said on Monday.

[ID:nL5N0W40CM]

Despite the slowing rig count, U.S. production as well as output in the Middle East remains high, adding to an oversupplied market that could keep a lid on oil prices.

"Saudi, UAE, Iraqi and other Middle East production and exports (are) all higher TYD (to year date) adding to supply pressure," Morgan Stanley said.

Brent futures fell almost 5 percent on Monday, its biggest daily drop in a month, as a build in U.S. inventories for seven straight weeks to a record high weighed on markets. [EIA/S] The sharp drop in oil prices, down from over $100 last June, has, however, come as a boon for Asian importers who are seeing huge benefits as their fuel costs drop, analysts said.

"Cheap oil is a blessing for Asia, the drop in oil prices provide windfall effects for Asia's large net oil importers," Dutch bank ABN Amro said in its quarterly outlook.

The bank said it expected cheap oil to trigger increased growth in India, Hong Kong, Singapore and Thailand, but added that China's slowing economy could still turn into a hard landing despite the gains from lower energy prices.

(Editing by Himani Sarkar)
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Oil & Gas News

Oil & Gas News
Released:  02/03/20152015-03-02
Word count:  154

German oil giant Wintershall resumed oil production in Libya as of 23/24 February in concession 96 at As-Sarah oilfield.

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Libya herald
It has been able to achieve crude exports of about 30,000 barrels of oil per day which are transported to the Zueitina terminal. Zueitina oil terminal had resumed export operations earlier this week.

Wintershall has reported that currently it is still not possible for it to load at the export terminal of Ras Lanuf since the National Oil Corporation’s (NOC) 15 December declaration of force majeure in Ras Lanuf due to militia fighting in the neighbouring port of Es Sider.

Furthermore, Wintershall says that currently it is producing crude oil in Libya solely from naturally flowing wells. It also confirms that operations are entirely Libyan-staffed since the company had to withdraw all its international staff (including contractors) due to the tense security situation in the country.

The German oil company also confirmed that its Tripoli HQ is currently being used on a very limited basis by its Libyan staff who are primarily working from home.
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News Releases

News Releases
Released:  02/03/20152015-03-02
Word count:  36

TRIPOLI (Reuters) - Libya's oil production is now at more than 400,000 barrels per day (bpd), an official from the National Oil Corporation said on Sunday.

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Reuters
Libya's crude output has been battered by fighting between two rival governments battling for control of the North African country.

Production is well below the 1.6 million bpd levels before the 2011 civil war that ousted Muammar Gaddafi.  
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Oil & Gas News

Oil & Gas News
Released:  27/02/20152015-02-27
Word count:  354

(Reuters) - Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices.

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Reuters
A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by around 15 percent so far this month from January's close of $52.99.

U.S. crude CLc1 is also on course for its first monthly rise in eight, but with a more modest gain of about 1.3 percent. Brent crude LCOc1 rose 98 cents to $61.03 a barrel by 0055 ET. U.S. crude CLc1 was also up 91 cents at $49.08.

Norwegian energy firm Statoil has shut its Statfjord C platform in the North Sea after discovering cracks in the platform's flare tower. The entire Statfjord field, which includes two other platforms, produced about 81,000 barrels of oil equivalents last year.

Elsewhere in Europe, gas supply talks between the European Union, Ukraine and Russia will be held in Brussels on Monday after President Vladimir Putin warned that Russia would halt gas supplies to Ukraine that can cause disruptions in deliveries to Europe. But analysts doubted the threat had substance.

In the United States, a reduction in rig counts coupled with a slump in upstream investments supported expectations that production could be trimmed going forward.

The active drilling rig count in North Dakota, the country's No. 2 oil producing state, dropped to 119 on Feb. 26, versus 193 last year, state data showed.

"I do think over time there will be lower oil production but that would take time. And investors are pulling that into current prices," said Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo. Asia is not spared, as the downturn in oil prices is making it harder to attract future investments in Malaysia.

While supplies from Libya increased to 100,000 barrels a day on Thursday, up from 40,000 bpd, Spain's Repsol said the company has little hope of restarting production there in the short-term citing security problems.

Still, oversupply worries persist and could limit oil gains especially if inventories in the U.S. continue to build until tanks are full, Nunan said.

An anemic refinery throughput pushed up U.S. crude inventories by 8.4 million barrels last week, a key reason behind Thursday's hefty slide in oil prices.

(Reporting By Jane Xie; Editing by Ed Davies and Biju Dwarakanath)  
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News Releases

News Releases
Released:  27/02/20152015-02-27
Word count:  254

TRIPOLI, Feb 26 (Reuters) - Oil production from Libya's southeastern Sarir and Messla fields has risen to 100,000 barrels a day, a spokesman for the state field operator said on Thursday.

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Yahoo news
Output from the fields feeding the Hariga port would gradually rise to 180,000 bpd, said Omran Elzawei, spokesman for operator AGOCO.

Libya has restarted both fields, shut after a pipeline blast which halted crude supplies to Hariga, the biggest onshore export port still working amid growing chaos in the OPEC member country.

On Tuesday, pumping levels reached around 40,000 barrels, an industry source said. Hariga used to export around 120,000 bpd but at least 20,000 bpd are needed to feed the Tobruk refinery.

With the closure of the Hariga port due to the pipeline blast, Libya's oil exports had fallen temporarily to less than 200,000 bpd - a fraction of the up to 1.3 million barrels exported daily by Libya prior to the ousting of Muammar Gaddafi in 2011.

Most Libyan oilfields have stopped working due to the struggle between the recognised government in the east and a rival administration that took control of the capital Tripoli last summer.

The emergence of militants aligned with Islamic State have further complicated plans to restart oil production.

Hariga, located near the country's eastern border with Egypt, has turned into the largest exporting port after the two biggest - Es Sider and Ras Lanuf - stopped working in December due to fighting between rival factions.

But in a sign of hope, the small Zueitina port restarted a week ago. Two offshore oilfields also still export oil. The port at Brega, also in the east, is still open but only supplying the 120,000 bpd-Zawiya refinery in western Libya.

(Reporting by Ahmed Elumami; Editing by Elaine Hardcastle)
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News Releases

News Releases
Released:  26/02/20152015-02-26
Word count:  369

(Reuters) - Brent crude fell toward $61 per barrel on Thursday, after a sharp rally in the previous session, as bulging U.S. crude stockpiles offset indications of a recovery in demand.

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Reuters
Oil prices on both sides of the Atlantic recorded their largest percentage gains in nearly two weeks at Wednesday's settlement, boosted by improved views on global oil demand from the Saudi oil minister and better-than-expected China data.

"The previous gains reflected the fact that the market is looking forward to more production cuts coming with declines in rig counts," said Ric Spooner, chief analyst at CMC Markets in Sydney, referring to recent data showing a slide in U.S. oil drilling amid beaten-down crude prices.

"But it is a conflict play between production and demand. Certainly, production is exceeding demand, at least in the U.S.," Spooner added.

Brent crude LCOc1 had dropped 31 cents to $61.32 a barrel by 0544 GMT (12.44 a.m. EST), after jumping more than 5 percent on Wednesday. U.S. crude CLc1 was down 42 cents at $50.57, following a more than 3 percent gain in the previous session.

Prices were hurt by data showing U.S. crude stocks rose 8.4 million barrels last week to 434.1 million barrels, a seasonal record high for the seventh straight week, as refineries trimmed output. "With the continued refinery strikes as well as a strong production from the U.S., it comes as no surprise that inventories increase," Phillip Futures analysts said in a note on Thursday. "Without U.S. crude production making adjustments, we strongly believe that prices will not recover yet."

The largest U.S. refinery strike since 1980 continued with no movement toward renewed talks to end a walkout by 6,550 union workers at 15 plants, including 12 refineries accounting for one-fifth of domestic capacity.

U.S. crude, or the West Texas Intermediate (WTI), has risen 16 percent from an almost 6-year low of $43.58 hit last month, but prices are still down more than 50 percent from highs reached in June 2014 amid oversupply woes.

WTI's discount to Brent CL-LCO1=R widened to as much $11.01 in early trade on Thursday, close to the previous session's $11.03 - the widest in nearly 13 months.

Oil prices could, however, draw support from Saudi Oil Minister Ali al-Naimi's comments that demand is growing and markets are calm. Another senior Gulf OPEC delegate said demand is expected to grow more strongly in the second half of 2015 as the global economy picks up.

(Editing by Himani Sarkar)
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Oil & Gas News

Oil & Gas News
Released:  26/02/20152015-02-26
Word count:  293

BENGHAZI, Libya Feb 25 (Reuters) - Libya aims to boost production at the southeastern Sarir and Messla oilfields feeding the Hariga terminal to 180,000 barrels a day, a spokesman for the state operator said on Wednesday.

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Reuters
Libya has restarted both fields, shut after a pipeline blast, which halted crude supplies to Hariga, the biggest onshore export port still working amid growing chaos in the OPEC member country. On Tuesday, pumping levels reached around 40,000 barrels, an industry source said.

"We want to increase output gradually to 180,000 barrels a day, said Omran al-Zwai, spokesman for Arabian Gulf Oil Co (AGOCO), which operates the field and Hariga port.

Hariga used to export around 120,000 bpd but at least 20,000 bpd are needed to feed the Tobruk refinery, an industry source said, adding that 180,000 bpd had been the original pumping level before the pipeline blast. With the closure of the Hariga port due to the pipeline blast, Libya's oil exports had fallen to less than 200,000 bpd - a fraction of the up to 1.3 million barrels exported daily by Libya prior to the ousting of Muammar Gaddafi in 2011.

Most Libyan oilfields have stopped working due to the struggle between the recognized government in the east and a rival administration that took control of the capital Tripoli last summer. The emergence of militants aligned with Islamic State have further complicated plans to restart oil production.

Hariga, located near the country's eastern border with Egypt, has turned into the largest exporting port after the two biggest - Es Sider and Ras Lanuf - stopped working in December due to fighting between rival factions.

Only the small Zueitina port and two offshore oilfields still export oil. The port at Brega, also in the east, is still open but only supplying the 120,000 bpd-Zawiya refinery in western Libya.

Proceeds from the oil exports will go to the central bank, which has sought to stay out of the conflict.

(Reporting by Ahmed Elumami, Ayman al-Warfalli and Ulf Laessing; Editing by David Evans)
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Oil & Gas News

Oil & Gas News
Released:  25/02/20152015-02-25
Word count:  332

Libya has resumed pumping crude from its southeastern Sarir and Messla fields to Hariga port at a rate of around 30,000 barrels a day, an industry source said on Monday, bolstering a potential recovery in exports after Zueitina port opened at the weekend.

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Al-Arabiya
Higher oil exports, which had fallen to a trickle as violent conflict between two rival governments and parliaments disrupted supplies, may bring in badly needed revenues for the OPEC member as it faces a growing public finance crisis.

“So far small volumes are flowing,” said Omran Zwei, spokesman for state oil firm operator AGOCO. “The pipeline is holding.”

An industry source said volumes had reached 30,000 barrels on Monday, slightly down from 40,000 barrels hit on Sunday due to a failure of a power turbine station on Monday at the Messla field connected to the Sarir field. The turbine was being fixed, the source said.

A pipeline blast had interrupted oil flows from the Sarir field, the country’s largest, more than a week ago. Operators at Hariga were forced to rely on oil already held in storage tanks to load a tanker that docked last week.

Hariga and Zueitina are under control of troops loyal to the internationally recognized government, which is based in eastern Libya. The proceeds from the oil exports will go to the central bank, which has sought to stay out of the conflict.

Oil exports had fallen to less than 200,000 barrels a day with the closure of the eastern Hariga port due to the pipeline blast a week ago, a fraction of up to 1.3 million barrels Libya exported daily prior to the ousting of Muammar Qaddafi in 2011.

Most Libyan oilfields have stopped working due to the struggle for supremacy between the government in the east and a rival administration that took control of the capital Tripoli last summer.

The first tanker in almost a year loaded crude from the eastern port of Zueitina on Sunday, an oil official said, adding there was not enough oil held in storage for a second loading. It was not immediately clear what the export volumes from Hariga would reach this week. Traders expect initial volumes to be well below capacity as the port ramps up and as supplies from Sarir fill storage tanks.
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Oil & Gas News

Oil & Gas News
Released:  25/02/20152015-02-25
Word count:  561

Libya’s National Oil Corporation (NOC) said today that its Arabian Gulf Oil Co. (AGOCO) unit restarted production at the Sarir field in the east of the country. Statistics released from Libya’s National Oil Corporation last week showed production from the country is down 80% since 2011, due to disruptions in fields like the Sarir.

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oil and gas 360
Sarir field was producing 185 MBOPD, nearly two-thirds of the country’s current output, before the pipeline linking it to its export terminal, Marsa el-Hariga, was attacked last week. An NOC spokesman said Monday that “limited quantities” of Sarir crude had begun flowing to the port of Marsa el-Hariga over the weekend after repairs were made to the pipeline, reports Platts. The attack on the pipeline caused the operating pressure to drop to 130 PSI from 450 PSI, bringing onshore production to a virtual standstill. Cargos being loaded at the Zueitina port for the first time in eight months

The first tanker in almost a year loaded crude from the eastern Libyan port of Zueitina on Sunday, an oil official told Reuters. A Greek-registered tanker left for Italy later on Sunday after loading 750 MBO, the official said.

The port is the smallest of four eastern terminals in Libya, but any revenue brought in from oil exports is badly needed. As much as 90% to 95% of the country’s revenue comes directly from oil. Libya’s production has fallen to just 330 MBOPD in January; about 80% less than the 1,600 MBOPD it was producing in 2011.

With production resuming at Sarir and exports starting up again at Zueitina, Libya is moving towards reaching the higher outputs seen before civil unrest erupted inside the country. However, traders are still wary of existing conflict in the war-torn country. “It’s hard for me to say conclusively what will happen in Libya in the future,” a trader told Platts on Monday. “It changes by the minute.”

Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. The company or companies covered in this note did not review the note prior to publication. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.  
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News Releases

News Releases
Released:  24/02/20152015-02-24
Word count:  382

(Reuters) - Crude oil futures fell more than 2 percent on Monday as investors worried about oversupply and a strong dollar, but heating oil futures jumped 5 percent due to operational problems at major U.S. refineries.

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Reuters
Crude was down for almost the whole trading session, rising briefly after the Financial Times quoted Nigerian Oil Minister Diezani Alison-Madueke as saying the country might call for an OPEC extraordinary meeting in the next six weeks or so if prices fell further.

The market has slid since Friday's data showing a slowdown in the weekly decline in the number of rigs drilling for oil in the United States. The data raised worries that U.S. crude inventories, already at record highs, could swell further. The largest U.S. refinery strike in 35 years has also been a negative for crude prices.

Heating oil futures HOc1 rallied for a second straight day, reaching above $2.24 a gallon, the highest in nearly three months, as some of the biggest U.S. East Coast refineries struggled to restore operations after severe cold weather triggered outages. Sub-zero temperatures were expected to sweep through the region late on Monday, raising concerns about adequate heating supplies.

"It's a worry of high supplies with crude and tight supplies with heating oil," said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut.

Benchmark Brent crude LCOc1 settled down $1.32 at $58.90 a barrel

Brent briefly rose, hitting a session high of $60.67, after the comments by the Nigerian minister, Alison-Madueke, who is also OPEC's president. Analysts said the gambit will likely fail without Saudi Arabia's support.

U.S. crude futures CLc1, also known as West Texas Intermediate, or WTI, settled down $1.36, or 2.7 percent, at $49.45 a barrel.

While high supply was pressuring crude prices, the market also was seeing quick "buying on dips," evidence that bulls were in more control than a few months ago, traders said. After losses of between 9 and 18 percent each month from October to December, Brent consolidated in January and is up about 11 percent month-to-date.

"There is the notion that a bottom has been set at $55 for Brent and $45 for WTI, and there are enough buyers out there each time the market tests those levels," said John Kilduff, partner at New York energy hedge fund Again Capital. (This version of the story corrects settlement price of U.S. crude futures to $49.45 in the ninth graph)

(Additional reporting by Himanshu Ojha in London and Henning Gloystein in Singapore; Editing by William Hardy, Greg Mahlich, Chizu Nomiyama, David Gregorio and Paul Simao)  
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Oil & Gas News

Oil & Gas News
Released:  24/02/20152015-02-24
Word count:  59

U.S. crude futures dropped on Monday as key producer Libya resumed oil exports from the eastern port of Zueitina after an almost year-long halt, adding to a global glut that has weighed on prices since June.

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Market pulse
U.S. crude for April delivery was down 52 cents at $50.29 a barrel by 2338 GMT. The March contract, which expired on Friday, fell nearly 5 percent last week.

U.S. crude has lost more than 50 percent since June when it traded near $108, pressured by excess supply. U.S. crude oil inventories hit a fresh record high in the week to Feb. 13.
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Oil & Gas News

Oil & Gas News
Released:  24/02/20152015-02-24
Word count:  889

(Bloomberg) -- Crude fell, extending last week’s decline on speculation excess global supply will accumulate after U.S. drillers idled fewer oil rigs and Libya restarted a pipeline.

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Bloomberg
West Texas Intermediate oil dropped 2.7 percent after falling 4.6 percent last week. The number of oil rigs in the U.S. fell by 37 to 1,019 last week, data from Baker Hughes Inc. showed Friday. It was the smallest cut in seven weeks. Prices pared losses after Nigeria’s oil minister was reported by the Financial Times to have said that OPEC members have discussed holding an emergency meeting.

Rising supply is contributing to a global surplus that drove crude down by almost half in 2014. OPEC has signaled that it’s prepared to let prices fall to a level that would force surging U.S. output to slow. American crude inventories and production expanded to the highest level in more than three decades, government data showed last week. “The market is getting hammered again,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “We’re going to continue to see substantial supply builds. The price is about to come under additional downward pressure because of supply and demand.”

Market Movement

WTI for April delivery decreased $1.36 to $49.45 a barrel on the New York Mercantile Exchange. It was the lowest settlement since Feb. 11. The March contract expired on Friday after falling 82 cents to $50.34. The volume of all futures traded was 46 percent above the 100-day average at 3:07 p.m.

Brent for April settlement fell $1.32, or 2.2 percent, to end the session at $58.90 a barrel on the London-based ICE Futures Europe exchange. Volume was up 15 percent from the 100-day average The European benchmark crude closed at a $9.45 premium to WTI.

Nigerian Petroleum Minister Diezani Alison-Madueke said OPEC members have discussed calling an emergency meeting if crude continues to fall, according to an interview in the Financial Times.

“The Nigeria headline would explain the rebound,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by phone. “I think reaction will be limited. We need to hear from a Gulf country before this is taken seriously, not Nigeria, Venezuela or Libya.”

Libyan Fields

Oil fields in eastern Libya resumed pumping to the port of Hariga after a pipeline was repaired, according to state-run National Oil Corp. The link running from the Mesla and Sarir fields to the port reopened Sunday, Mohamed Elharari, a National Oil spokesman, said by phone from Tripoli. Libya, reduced to OPEC’s smallest producer by turmoil, pumped 300,000 barrels a day in January, according to Bloomberg data.

“There is still an imbalance between supply and demand,” Jean Medecin, a London-based member of the investment committee at Carmignac Gestion SA, said in an interview on Bloomberg Television’s “On The Move” with Jonathan Ferro. “Probably in less than six months global storage capacity will be filled.”

U.S. crude supplies rose to 425.6 million in the week ended Feb. 13, the most in records compiled since 1982 by the Energy Information Administration. Stockpiles at Cushing, Oklahoma, delivery point for WTI traded in New York, climbed to 46.3 million, the highest since July 2013.

Refinery Activity

Refineries operated at 88.7 percent of their capacity in the seven days ended Feb. 13, down 1.3 percentage point from the prior week, EIA data shows. U.S. plants typically schedule work for late winter and early spring, when they move from maximizing distillate output to producing gasoline.

“We’re coming to a point before long where it will be hard to find a place to store some of this oil,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by phone. “We’re going into refinery maintenance season and there’s the strike.”

The U.S. United Steelworkers union plans to restart talks this week to resolve the nation’s largest oil workers’ strike since 1980, according to two people familiar with the talks. The union, representing workers at more than 200 refineries, fuel terminals, pipelines and chemical plants across the country, has rejected seven contract offers from Royal Dutch Shell Plc, which is bargaining on behalf of the refiners.

Spreading Strike

The strike, which started Feb. 1 at nine sites from California to Texas, has expanded to 12 refineries and 3 other facilities. A deal would end a strike at plants that account for almost 20 percent of the country’s refining capacity. “The strike has the potential to further reduce crude demand,” Kilduff said. “This will help further build supply.”

Diesel jumped to the highest level in almost three months on speculation that refinery upsets will interrupt shipments as demand climbs because of cold weather in the northeastern U.S.

March ultra low sulfur diesel rose 10.61 cents, or 5 percent, to close at $2.2179, the highest settlement since Nov. 28. March closed 32.56 cents above the April contract, the biggest gap for the two nearby contracts in at least 29 years. “There’s a squeeze taking place,” Yawger said, “There’s a super spike in the spread between the two front months.” Gasoline futures for March delivery rose 0.55 cent, or 0.3 percent, to settle at $1.6462 a gallon.

Regular gasoline at U.S. pumps is rising after slipping to the lowest level since April 2009 last month. The average retail price advanced 0.8 cent to $2.302 a gallon Sunday, according to AAA, the nation’s biggest motoring group.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham, Richard Stubbe  
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News Releases

News Releases
Released:  23/02/20152015-02-23
Word count:  69

BENGHAZI, Libya (Reuters) - The first tanker in almost a year has loaded crude from the eastern Libyan port of Zueitina on Sunday, an oil official said.

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Reuters
The 103 oilfield and Harouge Oil Co feeding into the port have resumed work, the official said, asking not to be named. A Greek-registered tanker will leave for Italy later on Sunday after loading 750,000 barrels of oil.

The port reopened in April last year after a former rebel group wanting autonomy for eastern Libya lifted its blockade, but since then strikes and technical delays had prevented the resumption of exports.  
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Oil & Gas News

Oil & Gas News
Released:  23/02/20152015-02-23
Word count:  461

(Reuters) - Libya has resumed oil exports from the eastern port of Zueitina after an almost year-long suspension and is also testing a pipeline to restart exports from Hariga port, officials said on Sunday.

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Reuters
The resumption will bring in badly needed revenues for the oil producer struggling with a public finance crisis due to a violent conflict between two governments and parliaments allied to armed factions.

Zueitina is under the control of troops loyal to the internationally recognized Libyan government. The proceeds from the oil exports will go to the central bank which has sought to stay out of the conflict.

Oil exports have fallen to less than 200,000 barrels a day with the closure of the eastern Hariga port due to a pipeline blast a week ago, a fraction of the up to 1.3 million barrels it exported daily prior to the ousting of leader Muammar Gaddafi in 2011.

Most Libyan oilfields have stopped working due to the violent power struggle.

The first tanker in almost a year loaded crude from the eastern Libyan port of Zueitina on Sunday, an oil official said, asking not to be named.

The oilfield named 103 and Harouge Oil Co feeding into the port have resumed work. A Greek-registered tanker will leave for Italy later on Sunday after loading 750,000 barrels of oil, the official said.

The port, the smallest of four eastern terminals, reopened in April last year after a former rebel group wanting autonomy for eastern Libya lifted its blockade, but since then strikes and technical delays had prevented the resumption of exports.

Further in the east, engineers at the Sarir field, the country's biggest, started testing the pipeline to the Hariga oilfield damaged by a blast a week ago.

"We have started a test pumping to assess the maintenance. Most likely the final result of the test will be clearer tomorrow," said Omran Al-Zwie, spokesman for the port and oil field operator Arabian Gulf Oil Co (AGOCO). An industry source said the pumping rate was 40,000 barrels on Sunday but there was no official confirmation. Hariga used to export from the Sariri and nearby Messla fields 120,000 bpd.

But another oil official said it would take up to 10 days to resume exports from Hariga to allow finishing of the pipeline repair. Officials often given contradictory accounts in Libya.

There have been some exports from Hariga since the blast closed the pipeline using oil in storage at the port but the oil official said the 500,000 barrels remaining there would be used for domestic refinery use.

Hariga is also home to a 20,000 bpd refinery. A second refinery in Zawiya west of Tripoli, which has a capacity of 120,000 bpd, is mainly fed from Brega port.

The worsening security situation, including the rise of a group linked to Islamic State militants that beheaded 21 Egyptian Christians, has prompted international energy firms to withdraw staff from the country.

(Reporting by Ayman al-Warfalli, Ahmed Elumami and Ulf Laessing; writing by Ulf Laessing; Editing by Jason Neely and Stephen Powell)  
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