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Oil & Gas News

Oil & Gas News
Released:  27/05/20162016-05-27
Word count:  404

Oil futures fell further in Asian trade on Friday after running into resistance at the $50 a barrel mark, as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.

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Reuters
Prices were also pressured by a stronger greenback with the dollar index .DXY rising against a basket of major currencies on Friday.

Oil pushed through $50 for the first time in around seven months on Thursday after supply disruptions from Canadian wildfires and attacks in Libya and West Africa helped cut daily output by 4 million barrels, before easing to close down on the day.

Brent LCOc1 fell 38 cents, or 0.8 percent, to $49.21 by 0258 GMT on Friday, retreating further from the previous session's $50.51 peak, its highest since early November.

U.S. crude CLc1 dropped 36 cents, or 0.7 percent, to $49.12 a barrel after settling down 8 cents in the previous session. It touched $50.21 on Thursday, it's highest since early October.

"Shale is the new shock absorber to the market," said Tony Nunan, oil risk manager at Tokyo's Mitsubishi Corporation.

"There is a wide range of production costs. Shale's total production costs are around $48-$50 a barrel - there will be producers who make money at $50," Nunan said.

Oil prices, which have risen nearly 90 percent from 12-year lows hit earlier this year, face pricing barriers to moving higher in the next three to five weeks, technical analysts said on Thursday, with Brent facing a significant hurdle at around $52 a barrel.

"WTI and Brent futures went through $50 a barrel on tightening supply, but unsurprisingly hit stubborn resistance at that key level and then eased back," ANZ said in a note on Friday.

Investors were also awaiting the appearance of U.S. Federal Reserve Chair Janet Yellen at an event later on Friday for further indications on when the Fed could raise interest rates.

A meeting of the oil producer's cartel, the Organization of the Petroleum Exporting Countries on June 2 may give further direction to oil markets, Nunan said.

"Most people feel the meeting will be neutral or bad," he said, with a neutral outcome leading to no change in oil output, while moves by producers like Saudi Arabia to boost production, would be bad.

"The Fed meeting could be the bigger trigger. An increase in interest rates will mean a higher dollar, a higher dollar means more expensive crude which could trigger a commodities sell-off."

A raft of Fed officials have called for a normalisation of interest rates as the U.S. economy and inflation rise, with the odds of a June hike now around 34 percent, compared with 4 percent last week, ANZ analysts said.

(Reporting by Keith Wallis; Editing by Richard Pullin)
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Business News

Business News
Released:  27/05/20162016-05-27
Word count:  373

Some confusion reigned this evening as Libya added a second currency to go with its three different governments. This happened when the Presidency Council reversed its 24-hour old rejection of the new bank notes being printed in Russia for the Thinni government in Beida and today fully accepted the move.

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Libya herald
The PC explained that its about-turn had come after a meeting with members of the finance committee of the House of Representatives. It appears that it was agreed that the rival Central Banks in Tripoli and Beida would jointly supervise the issue of the new notes and that they would be distributed fairly throughout the country.

The PC’s original objection to the arrival of LD 4 billion of new currency from printing presses in Russia was that it would destabilise the currency and cause inflation. It protested that there were already LD 24 billion in circulation. Yet that cash is hardly evident to the public. Commercial banks in all parts of country are still limiting withdrawals because they simply do not have enough dinars to go round.

Savers prefer to keep their money at home. Their distrust of the banking system has been boosted by the withdrawal limits imposed in response to the liquidity crisis. If they put their money into banks, they would not be able to get it out again. Those with disposable incomes are buying hard currencies.

When he arrived in Tripoli at the end of March, Government of National Accord prime minister-designate Faiez Serraj made the ending of the currency shortage a priority. It has proved a tough nut to crack. The fresh liquidity provided the east’s “Russian” banknotes may ease the problem. The volte-face appears to have followed the HoR’s assurance that the bills would be made available throughout the country. The fear had been that by acquiring its own currency, the east would have taken an increasingly independent line. Indeed, the east originally commissioned the new notes to alleviate its own chronic shortage.

The United States is unlikely to be pleased by the PC’s change of mind. Yesterday it said it was gravely concerned and shared the PC’s earlier view that the new notes would be forgeries that would destabilise the Libyan Dinar. It insisted that the international community only recognised the Central Bank in Tripoli.

The PC also said today that from the beginning of next month, $1 billion would be made available for debit cards and another $1 billion injected into the system for use in money-gram transfers, such as that of Western Union.
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Business News

Business News
Released:  27/05/20162016-05-27
Word count:  47

Istanbul, 26 May 2016(Lana) The Head of the Presidential Council of the Government of National Accord Fayez Al Saraj has called for coordination between international organisations to deliver urgent aid to all over Libya, and said they should be politicized.

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LANA - Libyan News Agency
There is a need for Libya to be given access to its frozen assets abroad, to alleviate the suffering of the people and boost the Libyan national economy.

On his side the UN Secretary General Ban ki Mon renewed UN support for the Libyan political agreement.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  26/05/20162016-05-26
Word count:  338

Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months, boosted after U.S. government figures showed a sharper-than-expected drawdown in crude stocks last week.

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Reuters
Brent LCOc1 had climbed 34 cents to $50.08 a barrel by 0520 GMT, its highest since Nov. 4. It ended the previous session up $1.13, or 2.3 percent.

U.S. crude futures CLc1 rose 31 cents to their strongest since Oct. 12 at $49.87 a barrel, after settling the last session 94 cents higher.

"Geopolitical issues in West Africa and the Middle East, supply outages, increased demand and maybe a touch of a weaker dollar have all helped push prices higher," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

"I don't think the rally will last because prices will reach a level that will bring U.S. shale oil output back into the market," he added.

U.S. crude stocks fell 4.2 million barrels to 537.1 million in the week to May 20, the steepest weekly drop in seven weeks, the U.S. Department of Energy's Energy Information Administration said on Wednesday.

That was larger than analyst expectations of a 2.5 million-barrel fall, but not as much as the 5.1 million expected by trade group, the American Petroleum Institute.

Gasoline stocks rose 2 million barrels to 240.1 million barrels against forecasts of a 1.1 million-barrel drop, while gasoline demand over a four-week average rose 3.9 percent to 9.6 million barrels last week, the EIA said.

Ric Spooner, chief market analyst at Sydney's CMC Markets, said the world was still oversupplied with oil even with increased demand and supply disruptions from Canadian wildfires and violence in Libya and Nigeria.

"Certainly ($50) is a psychological barrier. There is a momentum, people will try and push it up over that," Spooner said.

"(From a) practical point of view will there or will there not be a sustainable increase above $50? At the $50-$55 range there has got to be a good chance of seeing the peak."

BMI Research said in a report on Thursday that Indonesia, Malaysia and Vietnam would turn into net crude importers over the next five years as they, together with Brunei and Cambodia, add 500,000 barrels per day (b/d) of refining capacity over the next decade.

(Reporting by Keith Wallis; Editing by Joseph Radford and Richard Pullin)
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Business News

Business News

The National Oil Corporation (NOC) announced yesterday the completion, ‘’ahead of schedule’’, of routine maintenance work at the Wafa field, Sabratha offshore oil platform and the Mellitah complex.

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Libya herald
The scheduled maintenance work was announced last week and was due to last for ten days. The completion will enable the commencement of gas production and pumping to the coastal pipe network supplying the rest of Libya and the export of gas in a ‘’record time’’, the NOC statement said.

The maintenance work has meant that gas could not be pumped to a number of power stations which have had to be supplied with alternative fuels in the maintenance period.

Italian energy giant Eni is the partner of the NOC in the three concessions.
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Business News

Business News
Released:  25/05/20162016-05-25
Word count:  234

Following a deal to temporarily bandage a power-sharing dispute while Libya works towards installing a government of national accord, the reopening of the eastern Hariga port has allowed Libya to increase crude production to over 300,000 barrels per day.

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Oil Price
Exports from the Hariga port resumed on 19 May. Production is now expected to increase to up to 360,000 bpd ‘soon’, according to the Tripoli-based National Oil Corporation (NOC), speaking to reporters on Monday.

The additional increase in production will depend on progress at the Sarir oil field, as well as the availability of electricity, an NOC official said.

The eastern port of Hariga had been under a three-week blockade over rival government wrangling, sending exports down to 200,000 bpd. On 19 May, the first shipment of 650,000 barrels was being loaded for Glencore, en route to the United Kingdom, according to Bloomberg.

Production had been blocked from the eastern oilfields of Messla and Sarir.

Before the ouster of Gaddafi in 2011, Libya was producing 1.6 million bpd. Factions loyal to the eastern government in Tobruk, and the parallel National Oil Company in Benghazi, have been in control of the Hariga port, which has been under blockade since the Benghazi NOC unsuccessfully attempted to unilaterally export oil late last month.

Last week, after talks in Vienna, the rival NOCs reached an agreement in principle to resume shipments at talks held in Vienna. This deal has now apparently been implemented, allowing for the first shipment to be loaded; however, the details of the deal have not been made public, which also means that beyond this first shipment, it remains unclear whether the status of the port has been resolved.

By James Burgess
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Oil & Gas News

Oil & Gas News
Released:  25/05/20162016-05-25
Word count:  390

Oil futures pushed closer to $50 a barrel on Wednesday, with U.S. crude hitting its highest in over seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.

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Reuters
Oil markets were also supported by an overnight surge in U.S. equities and strong U.S. home sales that could point to the Federal Reserve raising interest rates as early as June.

U.S. crude futures CLc1 had climbed 62 cents to $49.24 a barrel by 0249 GMT, after ending the previous session up 54 cents. The benchmark earlier on Wednesday touched its highest since mid-October at $49.35.

Brent futures LCOc1 rose 55 cents to $49.16 a barrel, having closed up 26 cents to snap a four-day slide.

U.S. crude stocks dropped by 5.1 million barrels to 536.8 million last week, data from industry group the American Petroleum Institute showed on Tuesday. That was double expectations of analysts polled by Reuters. [API/S]

Some of the drawdown was due to falling imports due to wildfires in Canada, which lost about 1.5 million barrels per day in production, said Ben Le Brun, market analyst at Sydney online brokerage OptionsXpress. Although some crude producers restarted operations on Tuesday in Canada's energy heartland.

The stocks draw also reflected a strengthening U.S. economy. "A strong U.S. economy is good for oil consumption and demand," Le Brun said.

Gasoline stocks climbed by 3.6 million barrels, while inventories of distillate fuels, including diesel and heating oil, fell by 2.9 million barrels, the API data showed.

Investors are awaiting confirmation of the big draw when the U.S. Energy Information Administration (EIA) issues official inventory figures on Wednesday.

"Technically the market is gearing up for WTI to go above $50 a barrel and it's intriguing on where it goes from there," said Le Brun.

"I think the cap is not too far above that level - the world is still awash with oil even if it's off the peaks."

Oil prices were buoyed by a rise in U.S. stocks, with the Dow Jones industrial average .DJI, the S&P 500 .SPX and the Nasdaq composite .IXIC all closing up.

Oil prices shrugged off the impact from a strong U.S. dollar which hovered close to a 10-week high against the euro in Asian trade on Wednesday.

A strong dollar typically makes greenback-denominated oil more expensive for holders of other currencies.

Iraq is pumping about 4.5 million bpd now and is aiming to boost that to 5.5 million to 6 million bpd by 2020, the head of Iraq's State Oil Marketing Organisation (SOMO) said.

(Reporting by Keith Wallis; Editing by Joseph Radford)
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News Releases

News Releases
Released:  24/05/20162016-05-24
Word count:  417

The European Union will help rebuild Libya's shattered navy and coastguard to tackle migrant smugglers after a plea for aid from the new U.N.-backed unity government in Tripoli, EU foreign ministers agreed on Monday.

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Reuters
Details of the aid are still to be worked out but EU foreign policy chief Federica Mogherini said an operational plan should come "in the coming days".

The ministers said they would need a U.N. Security Council resolution to go after arms traffickers on the high seas, but Monday's meeting signalled they were determined to stop migrant smugglers by using the EU's "Operation Sophia" mission in the Mediterranean.

Libya is a major departure point for mainly sub-Saharan African migrants trying to reach Europe through crossings arranged by people smugglers, often in flimsy boats.

The flow of migrants has increased amid the turmoil that followed the 2011 uprising that toppled Muammar Gaddafi.

With calm summer weather approaching in the Mediterranean, Europe's governments are keen to avoid the migrant drownings of last year and to deter smugglers finding new routes into Europe after a deal between the European Union and Turkey cut trafficking across the Aegean Sea.

Ministers underscored "the need to enhance the capacity of Operation Sophia to disrupt the business model of human smugglers and trafficking networks and to contribute to broader security in support of the legitimate Libyan authorities."

U.N.-backed Libyan Prime Minister Fayez Seraj, who has yet to establish his government beyond Tripoli, wrote to Mogherini to request the naval support, as well as possibly training for Libyan security personnel.

While Seraj's request remains broad, governments are divided about how far to go in Libya. The United States said last week it wants to see NATO do more to help the EU's naval mission, a position Britain shares.

"The Libyan coastguard is the basis on which we have to build security in the coastal waters of Libya," British Foreign Secretary Philip Hammond told reporters. "We can provide training, we can provide equipment, we can provide additional technical support." The Sophia mission operates in international waters near Libya, but is too far out to destroy boats used by people smugglers, catch traffickers or head off migrants trying to reach Europe by sea from Libya.

Italy, Libya's former colonial power, has said it is willing to send around 5,000 personnel to help the country. But Germany and France say any action to train police and border guards must be in concert with NATO and the United Nations.

One of the biggest hurdles is what to do with migrants rescued close to North African shores, who cannot be safely returned to Libya because of the chaos in the country.

(Reporting by Robin Emmott; Editing by Janet Lawrence)
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Oil & Gas News

Oil & Gas News
Released:  24/05/20162016-05-24
Word count:  107

Tripoli, 23.05.2016(Lana) The National Oil Corporation (NOC) has announced completion of planned overhaul of Wafa oilfield.

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LANA - Libyan News Agency
In a statement, NOC said despite the difficult circumstances undergone by the country and scarce financial resources, but due to the efforts of the oil field staff and support rendered by the company and NOC the overhaul of the oil field was carried out in a record time frame and faster than anticipated.

NOC's board thanked all those who contributed to this work including the foreign partner which is eni North Africa, implementing companies, and manufacturers for their efforts and support.

It also thanked Electricity company for using liquid fuel instead of gas to reduce distribution of load and in turn alleviate hardships of the public.

=Lana=
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Oil & Gas News

Oil & Gas News Business News
Released:  24/05/20162016-05-24
Word count:  348

Libya plans to load three additional crude cargoes this month from the recently reopened Marsa El Hariga terminal, after a tanker for trader Glencore departed on Friday.

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Marine link
The country's National Oil Corp (NOC) in Tripoli chartered the Kriti Breeze to load 400,000 barrels of crude at the terminal in the next two days to take to the 120,000 barrels-per-day Zawia refinery, according to shipping brokers.

After it loads, the Kriti will be the second tanker to depart from the port after Glencore's Seachance which waited for three weeks to load its 660,000 barrel cargo amid a standoff between eastern and western factions.

The Seachance has already left Hariga, according to NOC, and Reuters tracking data shows the tanker making its way to Malta.

Two additional tankers are due to load at the port this month according to the loading programme, trading and shipping sources said.

The additional tankers are most likely going to be lifted by Glencore as the trader has exclusive rights for exports from the terminal.

Glencore loaded around 4.2 million barrels of crude from the port in April, according to traders.

Traders said Indian buyers could turn to Libyan crude to replace lost Nigerian barrels after militant activity cut Nigeria's oil exports to a more than 22-year low of under 1.4 million bpd.

Indian refiner HPCL bought a cargo of Qua Iboe crude from Glencore via a tender, but the tanker failed to load because of the supply disruptions, traders said.

The heads of Libya's two NOCs signed an initial agreement in Vienna on May 15 asking the eastern parliament, known as the House of Representatives, and the Presidency Council, which represents the unity government, to unify the energy sector, NOC said in a statement on Friday.

The agreement also called for the resumption of exports from Marsa el Hariga.

"Resuming crude oil supplies will help to limit the deficit in the Libyan budget, the draw on Central Bank reserves and the direct effects on the Libyan dinar rates," the statement said.

NOC also sought to assure the market on the future stability of Messla and Sarir crude exports from Hariga, adding it will do its "best to restore the confidence in the Libyan grades".

(Reporting by Ahmad Ghaddar, Dmitry Zhdannikov and Libby George, editing by David Evans)
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Oil & Gas News

Oil & Gas News
Released:  23/05/20162016-05-23
Word count:  402

Oil exports are set to resume Thursday from the port of Hariga in eastern Libya, easing a bottleneck and allowing for crude production to increase after competing administrations of the state-run National Oil Corp. reached an agreement in the divided country.

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Bloomberg
The tanker Seachance is loading 650,000 barrels of crude at Hariga for the U.K., Omran al-Zwai, a spokesman for NOC unit Arabian Gulf Oil Co. known as Agoco, said by phone on Thursday. The cargo would be the first international shipment from Hariga since the United Nations blacklisted a tanker last month following complaints from authorities in the west of the country. NOC’s competing leaderships reached an agreement to resume exports from Hariga earlier this week.

Agoco will be able to boost crude output to 120,000 barrels a day from 90,000 before the shipment, Al-Zwai said, as the company’s production has been limited by a lack of storage at the port. Libya produced a total of 310,000 barrels a day in April, data compiled by Bloomberg show.

Unity Government

Libya, with Africa’s largest proven crude reserves, split into two separately governed regions in late 2014, one based in the western city of Tripoli and the other run by an internationally recognized government in the east. The political divisions were mirrored by rival NOC administrations in the east and west of the country. Libyans are currently working to set up a Government of National Accord, with the support of the U.S. and European nations.

The competing NOC administrations agreed to restart shipments from Hariga after holding talks in Vienna earlier this week, Elmagrabi said Monday. Officials at the western NOC administration in Tripoli couldn’t immediately be reached for comment. The shipment from Hariga comes after Agoco reached an agreement on Wednesday with the NOC’s eastern administration to restart international exports from the port, said Nagi Elmagrabi, chairman of the eastern NOC.

Authorities in East Libya tried and failed in April to sell crude independently. A tanker was forced to return with its cargo after Malta’s government refused to let the vessel dock and the UN added the shipment to its sanctions list. While Libya’s eastern region holds large crude deposits, traders such as Glencore Plc and Vitol Group have recognized the NOC leadership in Tripoli in the west as the nation’s official crude marketer.

Libya pumped about 1.6 million barrels a day of crude before the 2011 rebellion that ended Moammar Al Qaddafi’s 42-year rule. It’s now the smallest producer in the Organization of Petroleum Exporting Countries. Since Qaddafi’s ouster and death, armed militias have also competed for control of the nation’s oil facilities.
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Oil & Gas News

Oil & Gas News
Released:  23/05/20162016-05-23
Word count:  385

Oil prices slipped in Asian trade on Monday on a strong dollar and signs that global crude supply is holding up even as volumes hit by unplanned outages rise to at least five-year highs.

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Reuters
In a further indication of abundant supply, the number of rigs operated by U.S. drillers was steady last week for the first time this year. Brent futures LCOc1 were down 18 cents at $48.54 a barrel as of 0421 GMT, after ending the previous session 9 cents down.

U.S. crude futures CLc1 fell 26 cents to $48.15 a barrel, having settled down 41 cents in the previous session.

The dollar index .DXY was marginally lower in early trade on Monday after gaining for a third straight week last week. A stronger greenback makes dollar-priced commodities more expensive for holders of other currencies.

That came as U.S. crude rose 3.3 percent last week, while Brent was up 1.7 percent, as unplanned supply outages rose to the highest since at least 2011 due to wildfires in Canada and losses in Nigeria, Libya and Venezuela.

But global oil supply has still outstripped demand by around 1.5 million barrels per day, Russian Energy Minister Alexander Novak said on Friday.

"It's hard to trade with the current volatility in oil prices," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. "We've run up from $44 a barrel on economic growth and outages. Are we now at the top end? Does that mean at $49-$50 a barrel we'll get U.S. oil shale production starting up?" he said.

"With the U.S. rig count steady, people are waiting to see whether producers will start turning some production back on."

Meanwhile, Goldman Sachs said it expected (shale) productivity gains through 2020, which will push average breakevens for shale plays below $50 per barrel for U.S. crude, the bank said in a research report on Monday.

It also raised its average Brent forecast to $45 per barrel this year, up from $39, while West Texas Intermediate would average $45 per barrel this year, up from $38 previously.

But greater U.S. and OPEC supply meant it lowered its forecasts for 2017, with an average of $55 per barrel for Brent, from $60 previously, and $53 per barrel for WTI, against $58 earlier.

Elsewhere, Iran plans to increase oil export capacity to 2.2 million barrels by the summer and has no plans to freeze its level of oil production and exports, its deputy oil minister was quoted as saying.

A meeting of the OPEC exporters' group, including Iran, is scheduled for June 2.

(Reporting by Keith Wallis; Editing by Richard Pullin and Joseph Radford)
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Cultural News

Cultural News
Released:  23/05/20162016-05-23
Word count:  72

Tripoli, 22.05.2016(Lana) Tripoli Archaeology Directorate opened the Small Antiquities Museum in Tripoli.

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LANA - Libyan News Agency
Head of Technical department at Tripoli Archaeology Directorate, Ramadan al-Shibani said the goal of opening the museum is an awareness campaign for the young to realize and appreciate the cultural inheritance in Libya.

Al-Shibani said Tripoli Archaeology Directorate would soon begin the second phase of the museum that includes hosting several activities and programmes outside the museum. He said the museum is open to schools, and families during official working hours.

=Lana=
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Business News

Business News
Released:  23/05/20162016-05-23
Word count:  222

The Gaza Floating, Storage, Offloading Marine Terminal (FSO) has today arrived in Libyan waters at the Mellitah Oil and Gas operated offshore Bouri field, 120 km northwest of Tripoli. It has been travelling since March.

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Libya herald
The FSO was manufactured at a cost of over US$ 500 million by South Korean main contractor SFX in the Southern Korean port of Busan. The Gaza FSO will replace the existing, but aging, Sloug FSO, which has been in situ since 1989.

Installation of the floating terminal was planned for 2015, but the Libyan conflict as well as a delay by the manufacturer has led to a 12-month delay in the completion/arrival of the FSO.

The Bouri field is part of Block NC41. Water depth at the site is 158 m and the field includes a central processing platform DP4 and satellite platform DP3 in water depths of 170m.

Treated crude oil from two platforms will be pumped and stored via 2 (two) 16” sea lines onto the FSO Gaza which will be permanently moored to a Single Point Mooring system and offloading to a shuttle tanker from the stern. The Bouri oil and gas field was discovered in 1976 and production started in 1988.

On another level, it will be recalled that the Audit Bureau in its 2015 Annual Report (pp284-286) criticized Mellitah Oil and Gas for its dealings with the main contractor STX.

STX was under financial pressure and changed the terms of the contract, including the place of manufacture and increased charges of US$ 11 million. The Audit Bureau found no justification for the increased charges.
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Business News

Business News

Sert company. ADVERTISEMENT NO. 03/ 2016 announces Bidding of Provision of Recruitment Services, Training Services and Hotel & Tickets Reservations Services

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NOC

 

Project Title  &Description  

Project  No.

T.D. Fees

(Libyan Dinars)

Last day for bid submission

Before

12:00 PM

 

1

 

Provision of Recruitment Services, Training Services and Hotel & Tickets Reservations Services

 

 

 

N/A

N/A

 

 

Sunday

10/07/2016

 

 

We urge specialized companiesthat consider themselves qualified to execute the above-mentioned project, and wish to participate, to contact Secretariat of S.O.C Main Tenders Committee, at Marsa El-Brega to receive tender document (s).

 

The following documents are required:-

 

·         A copy of the Company’s Commercial Register (Valid).

·         A copy of a valid License to Run Business.

·         A copy of a valid certificate proving payment of tax.

·         Financial position of the Company for the last three years.

·         A Prove of Ability & Experience to carry out the required work.

 

 

VERY IMPORTANT:

Companies wishing to receive the Tender Documents and intend to work jointly with another company (or companies) must produce a Joint Venture agreement, with the co-partners approved by the concerned government authorities, stipulating clearly responsibility of all parties jointly or individually, to carry out all work required of the subject tender (s), and nominating the legal authorized person to sign contracts or agreements on behalf of the partnership towards SOC.

Tender documents will not be sold for those companies not complying with this requirement.

 

 

 -Tender documents can be purchased week days (Sunday-Thursday) during working hours          

 

-Tender documents can be received week days (Sunday-Thursday) during working hours            (10:00 to 12:00 Libya Time) as from:

 Sunday May 15th, 2016   until Sunday  May 29th , 2016.

 

For any information or clarifications please contact the following telephone numbers:

 

Direct phone & fax 00218 647623107  Mobile 0925763113

or through telephone exchange 00218 61 2230216 - 25 ext 22053 & 22054. Mobile 0925763652

 

You can also visit SOC website (www.sirteoil.com.ly) and National Oil Corporation site (www.noclibya.com.ly).or Contact us at the following e-mail address: mtc_sect.@sirteoil.com.ly

 

 .BID SUBMISSION RULES:

 

-Bids must be in full compliance with the tender specifications and conditions provided with it. Any bids not in compliance will be ignored.

 

-Bids must be submitted in two separate well sealed envelopes and stamped by the Company’s official stamp. The project title & project reference number if available & bidder name must be written on both envelops.

 

·         The first envelop contains the Technical offer (1 Original + 2 Copies + One CD) and the Un-priced Commercial Tender (1 Original )

 

·         The second envelope contains the Commercial offer (1 Original+ 1 copy).

 

-Bids MUST be delivered to the office of the Secretary of S.O.C Main Tenders Committee,                              at  Marsa El-Brega. 

 

-Companies interested in receiving tender documents should present a letter authorizing their representative by name, to receive the document on behalf of the company, and copy of  representative's passport including a copy of the entry stamp should be sent to SOC Main Tenders Committee 72hours before arrival to Brega, in order to issue necessary Oilfield passes. 

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Business News

Business News
Released:  20/05/20162016-05-20
Word count:  186

Petroleum Minister Mashallah Zwai said that Libyan oil producers plan to meet in Moscow within a month with Russian representatives to discuss the need for Russian technology in the oil industry.

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Sputnik news
MOSCOW/BAYDA (Sputnik) – Libyan oil producers plan to meet in Moscow within a month with Russian representatives to discuss the need for Russian technology in the oil industry, Libyan Petroleum Minister Mashallah Zwai told Sputnik.

Last month we had a planned visit to Moscow but it was postponed. We are now expecting that the visit will take place within a month with a number of Russian companies,” Zwai said.

He said that Libya needs Russian technology in the country’s oil industry in order to return as a player on the market. “We now need to return oil extraction to a normal level. We need Russian experience and technology,” Zwai said.

Libya’s revenue has dropped tenfold since 2012 because of the crisis in the oil industry, leaving a budget deficit in the country for this year, Libyan Petroleum Minister said.

“The fall in the level of [oil] extractions along with the falling oil prices have led to a large deficit in the budget. We expect that the overall revenue this year will be close to $5 billion,” Zwai said.

According to Zwai, Libyan revenues totaled $60 million in 2012.
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1 week ago

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1 week ago

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1 week ago

Oil & Gas News

Oil & Gas News
Released:  20/05/20162016-05-20
Word count:  362

Oil prices rose in early trading on Friday as turmoil in Nigeria, shale bankruptcies in the United States and crisis in Venezuela all contributed to tightening supplies.

Play
Reuters
Despite this, brimming inventories across the world were preventing supply shortfalls and sharper price spikes, traders said. International Brent crude futures LCOc1 were trading at $49.10 per barrel at 0128 GMT, up 29 cents or 0.59 percent from their last settlement.

U.S. West Texas Intermediate (WTI) crude futures CLc1 was up 39 cents, or 0.81 percent, at $48.55 a barrel.

ANZ bank said that unexpected supply disruptions across the world, excluding output falls in the United States, amounted to around 2.5 million barrels of daily production, virtually erasing a production overhang that had pulled down prices by over 70 percent between 2014 and early 2016.

"The supply disruptions inflicting the oil market continue to ratchet up... As these issues linger, we expect an increasing supply risk premium will price into the market," the bank said.

Nigeria's oil production showed further signs of strain on Thursday as intruders blocked access to Exxon Mobil's XOM.N terminal exporting Qua Iboe, the country's largest crude stream.

Libyan output has also been hit by internal conflict.

Militant activity in the oil-rich Niger Delta has taken out some 500,000 barrels per day of crude oil production from other companies in Nigeria, pushing oil output in Africa's largest-producing nation to more than 22-year lows.

In North America, U.S. crude oil output has fallen 8.79 million barrels per day (bpd), down from a peak of more than 9.6 million bpd last year, as a wave of bankruptcies hits producers.

In Canada, production has also been cut as wildfires forced closures of around 1 million barrels in daily production, although output is gradually returning.

In South America, output from OPEC-member Venezuela is also stalling as its state-owned oil company PDVSA struggles with a cash squeeze amid a deep political and economic crisis.

Venezuelan crude oil output fell to around 2.53 million bpd in the first quarter of 2016 compared with 2.72 million bpd in the same quarter of last year, data from the Organization of the Petroleum Exporting Countries (OPEC) showed.

Despite the disruptions oil supplies to customers are not at risk, thanks to ongoing high output in the Middle East and Russia, and because of brimming oil inventories across the world, including the United States and Asia.

(Reporting by Henning Gloystein; Editing by Michael Perry)
Comments:

Business News

Business News
Released:  20/05/20162016-05-20
Word count:  715

The Libya Africa Investment Portfolio (LAP/LAIP) has won its appeal against the US$ 15 million London court ruling in favour of Catalyst Management Services (CMS).

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Libya herald
The decision made yesterday at the High Court in London reverses the 17th July 2015 ruling by Master Kay QC. In reaching the conclusion that the “summary judgment has now gone,” Mr Justice Burton noted that

“The re-activation agreement [dated 5 August 2010] was not relied on in [CMS’] original Particulars of Claim [dated 21 September 2012]. Even in the Amended Particulars of Claim [dated 31 July 2015] it is apparently not relied on as a continuing agreement. And it is not mentioned in contemporaneous correspondence, for example, [CMS’ complaint dated 29 August 2010 to the Ministry of Inspection and Control].”

“There is inconsistent evidence, at the moment, as to who drafted the re-activation agreement.”

“There is then, of course, the dispute as to Mr Shushan’s authority, with regard to the validity of the re-activation agreement. He is 23 years old, and he is not a senior employee.”

“It is one of the terms of the [Settlement Agreement dated 26 August 2010] that all documents, under clause 4, be destroyed, which on the face of it looks like a termination of all arrangements between the parties.”

“[LAIP] will, in any event, have the opportunity to refer to clause 10.2 [of the MDTSA] which would, on the face of it, cut down the [$] 500 million [claimed by CMS] very considerably.”

On the basis of the above, the summary judgement was set aside in its entirety.

Commenting yesterday on the ruling, ‪Ahmed Kashadah LAIP’s Managing Director, said “LAIP is delighted that as a result of its appeal, Master Kay QC`s summary judgment has been overturned in its entirety and LAIP`s money will remain with the court’’.

‘’Now that this important issue is resolved, LAIP is committed not only to defeating at trial the entirety of CMS’ claims, which from the outset it has consistently said are without foundation or merit, but also pursuing all of its rights and ensuring accountability’’.

‘‘In this regard, we continue to rely on the judicial process to protect LAIP’s assets from abuse, from both internal and external forces, who have sought to leverage the current instability that prevails in the country to the detriment of the fund.”

It will be recalled that LAP appealed the 15th July London High Court ruling ordering it to pay CMS, a service provider, US$ 15,422,924 with respect to alleged outstanding invoices.

On 21 September 2012, CMS had issued a claim against the LAP in the High Court, London. CMS had carried out management services for LAP in 2009/10.

In August 2010, disappointed with CMS’s performance, LAP, in its view, lawfully terminated CMS’s engagement. More than two years after the termination of the engagement, CMS claimed various sums from LAP, including US$ 15,422,924 in relation to alleged outstanding invoices, and more than US$ 525,000,000 in damages for alleged wrongful termination. LAP denies CMS’s claims entirely.

In August 2014, a further two years after the claim was issued, CMS applied for summary judgment with respect to the part of its claim relating to the alleged outstanding invoices.

The summary judgment application was heard before Master Kay Q.C., sitting in the Queen’s Bench Division of the High Court in London. On 15 July 2015, Master Kay Q.C. ordered LAP to pay to CMS US$ 15,422,924 with respect to the alleged outstanding invoices.

Whilst recognizing the present difficulties in Libya, Master Kay Q.C. had placed importance on the fact that, as at the date of the summary judgment hearing, LAP had been unable to procure direct evidence from LAP personnel who dealt with CMS during the relevant period.

Accordingly, Master Kay Q.C. had held that LAP had no real prospect of successfully defending the claim with respect to the alleged outstanding invoices. LAP, however, had rejected Master Kay’s decision, both in terms of the findings of fact made (which were based solely upon the uncorroborated evidence advanced by CMS’s witnesses) and by reference to the relevant legal principles which apply to summary judgment cases.

As a result, LAP had revealed that it intended to appeal the summary judgment decision at the earliest opportunity.

Master Kay Q.C.’s judgment has no bearing on the remainder of CMS’s claim for damages for alleged wrongful termination, which is to be determined by way of full trial at a later date, and in relation to which LAP denies that any sums are due.
Comments:

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youngshik
1 week ago

Business News

Business News
Released:  19/05/20162016-05-19
Word count:  412

The official UK-Libya Trade and Investment Forum was announced today by the UK Middle East Association and the Libyan Investment Authority. The event will be held in London on 14 July.

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The -MEA
The forum will focus on the immense potential, and urgent need, for reconstruction and investment in Libya. It will bring together UK and international investors and businesses, as well as senior government representatives from both countries.

The recent establishment of the Presidency Council and Government of National Accord in Tripoli, headed by Prime Minister Fayez al-Sarraj, marks a turning point for Libya, and an opportunity for national reconciliation and rebuilding.

Peter Meyer, the Chief Executive of the Middle East Association (MEA), said: “The Presidential Council in Tripoli, and the key Libyan institutions standing firmly behind it, have the support of the UK government and the international community. We look forward to helping establish the country as a fertile ground for investment, and ensuring a bright and prosperous future for Libya and its people.”

AbdulMagid Breish, the Chairman and CEO of the Libyan Investment Authority (LIA), said: “We look forward to this important forum. London is at the centre of the financial world, and the ideal place to discuss the economic programme that the Libyan government has developed to rebuild our country's institutions and infrastructure.”

The MEA is organizing the forum in conjunction with the LIA, and working closely with both the UK and Libyan Governments. The event is supported by Developing Markets Associates (DMA).

The UK-Libya Trade and Investment Forum will cover a range of potential opportunities in Libya, with a particular focus on infrastructure, energy and the financial sector. It will also cover the pressing issues around rebuilding Libya’s civil society, healthcare and welfare systems.

The forum will also match international investors and businesses with opportunities in Libya, and discuss potential co-investment opportunities with the private sector on key infrastructure and business projects.

The MEA is a London-based non-profit members association promoting trade and investment between the UK and the Middle East and North Africa. It serves as a forum for over 350 organisations to network and advance business opportunities in the region, and was founded in 1961.

The LIA was established in 2006 as the Libyan Sovereign Wealth Fund. The organisation’s ultimate aim is to build, and enhance the resilience of, the Libyan economy for future generations, by providing Libya with alternative sources of income in addition to those from hydrocarbons.

DMA is a leading investment promotions group, and has hosted over 300 heads of state and cabinet ministers and secured over $12 billion in new investment into emerging markets in the past decade.

www.UKLibyaTradeAndInvestmentForum.org
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Oil & Gas News

Oil & Gas News
Released:  19/05/20162016-05-19
Word count:  403

Oil prices fell on Thursday, pulled down by rising U.S. crude inventories, a stronger dollar and surging output from Iran to Europe and Asia.

Play
Reuters
Brent crude futures LCOc1 were down 87 cents, or 1.8 percent from their last settlement, trading at $48.06 per barrel at 0159 GMT.

U.S. crude futures CLc1 were down 74 cents, or 1.5 percent, at $47.45 a barrel.

Both contracts broke 2016 highs earlier in the week on the back of output cuts across the Americas, in Africa and also in Asia.

But the bull-run ended after the U.S. Energy Information Administration (EIA) published data showing an unexpected 1.31 million barrel rise in U.S. crude stocks to 541.29 million barrels C-STK-T-EIA.

"We suspect the oil market has moved too high, too far, too soon," French bank BNP Paribas said.

The inventory build came despite another fall in U.S. crude oil production to 8.79 million barrels per day (bpd) C-OUT-T-EIA, down from a peak of over 9.6 million bpd last year.

Despite this, analysts said oil was being pushed lower by the minutes of the Fed's April 26-27 policy meeting which showed the central bank was likely to raise rates in June if economic data pointed to stronger second-quarter growth, driving up the dollar.

Since oil is traded in dollar, a stronger greenback makes fuel purchases for countries that use other currencies more expensive, potentially denting demand.

After falling by almost 8 percent against a basket of other currencies .DXY between January and April, the dollar has since recovered 3.5 percent, weighing on oil.

Surging oil exports from Iran after sanctions against it were lifted in January also dragged.

Iran's oil exports are set to jump nearly 60 percent in May from a year ago to 2.1 million bpd. The rises suggest that the country's logistical problems following years of sanctions have been overcome or were less severe than thought. Despite Thursday's price falls, analysts said that global supply disruptions still loomed.

ANZ bank said that almost 2.5 million barrels of daily oil production has been lost since the start of the year, and that further cuts were likely.

"The situation in Venezuela looks particularly bleak," the bank said, adding that the country's oil exports had fallen from 2.4 million bpd at the end of 2015 to 2.15 million bpd in April.

"We suspect the nation's recent issues could see this fall below 2 million bpd in May," ANZ said.

Overall, traders said that global oil markets would likely remain in a slight production surplus of between 0.1 and 1 million bpd this year, compared with a glut of as much as 2.5 million bpd in 2015.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD}

as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche

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face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively. Contact : Mr.lee youngshik Email: leefinance11@gmail.com Skype: leefinance11

youngshik
1 week ago
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