Libya Oil Exports Resume from Brega

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Oil & Gas News
Libya Oil Exports Resume from Brega
Released:  27/08/20132013-08-27
Word count:  220

Oil exports from the Libyan port of Marsa al Brega have resumed after a force majeure was lifted as protesters ended their blockade of the terminal, the deputy oil minister said Monday.

Nasdaq
"A few tankers have left the port after we lifted the force majeure on Aug. 22," Omar Shakmak told Dow Jones Newswires. "The port is now operating as normal and at full capacity," he said. Brega, with a capacity of around 90,000 barrels a day, is one of the four ports affected by the force majeure, declared after protests caused the facilities to be shut at the end of July, as workers demanded the payment of wages, as well as higher salaries or more jobs. However, officials said the situation was more precarious, with armed guards trying to sell oil without government approval.

The strikes in eastern and central Libyan ports had effectively shut down shipments from terminals there, which account for more than half of Libya's$60 billion of oil exports annually.

Es Sider, the largest of Libya's oil terminals with a 350,000 barrel-a-day capacity, as well as Ras Lanuf and Zueitina in eastern Libya remain closed. Storage facilities in the country, a member of the Organization of the Petroleum Exporting Countries, have filled with crude, crimping any new production. According to data supplied by the oil ministry, Libya's output fell in the first half of August to about 500,000 barrels a day -- about one-third of the highs reached last summer and the lowest since just after Libya's civil war ended in late 2011.
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Oil & Gas News

Oil & Gas News
Released:  07/12/20162016-12-07
Word count:  170

Oil prices fell on Wednesday on persistent doubts a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang that has dogged markets for over two years.

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Reuters
International Brent crude oil futures were trading at $53.69 per barrel at 0131 GMT, down 24 cents, or 0.45 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.37 percent, at 50.74 per barrel.

Oil prices shot up as much as 19 percent after the Organization of the Petroleum Exporting Countries (OPEC) and Russia last week announced they would jointly cut production next year in an attempt to prop up markets.

However, doubts have since emerged about whether the planned cuts will be big enough to end oversupply as both OPEC and Russia have since reported record production.

"With both Russia and OPEC producing at record amounts, the market is scratching its head about how both blocs will manage to comply with the Vienna production cut targets. The point is valid, as the more OPEC and Russia produce, the higher the starting point will be to have to cut from," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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Business News

Business News

The ARC Tenders Committee hereby announces its invitation to local and international companies that are specialized in the field of Treatment of Oily Waste Sludge, and that are capable and competent to execute the required works to be mentioned hereunder.

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NOC

Such companies should present their profile with all required documents as per the terms and conditions for the purpose of evaluation and prequalification to the ARC Tenders Committee at the Headquarters of Azzawiya Refinery, 45 km to the west of Tripoli, Libya.

 Based on that, suitable qualified companies will be nominated to participate in the project bid as follows:

Project Title:           TREATMENT OF OILY WASTE SLUDGE

Scope of Works:

  1. Carry out and start the treatment of the whole quantity of oily waste sludge contained in the waste oil ground pit with all necessary heating, recirculation, chemical dosing or by other alternative modern and automated method as per approved treatment procedure.

 

  1. Carry out all preparations of loading and transferring of the recovered oils (Bs&W ≤ 1%) to the existing crude tanks or to the existing fuel oil tanks by discharging the recovered oils into road tanker using centrifugal pumps, including supply and carrying out piping system to achieve loading and transfer. (Prior to transfer commencement, samples of the recovered oils shall be subjected to analytical tests to approve the fulfillment of their specifications).

 

  1. Carry out loading, transportation by a transfer trolley and dispose the hydrocarbon free sediments (which has less than 5% content of non toxic disposal and considered and certified as clean sediments) to a landfill area specified by ARC.

 

  1. Carry out transferring and dispose the recovery water (HC content < 10ppm) to existing API separator by discharging the recovered water into road tanker using centrifugal pumps, including supply and carrying out piping system to achieve transfer and disposal.

 

Required Documents

The presenter shall furnish the following:

  1. Business licenses as per applicable legislations in Libya.
  2. A recent certificate proving the payment of local taxes.
  3. The company’s financial statement in addition to its balance-sheet and its final accounts for the last 3 years, after being approved and stamped by a legal auditor.
  4. A list of the works being carried out by the company at present as well as its previous experience in similar works, accompanied with completion certificates and also any other works.
  5. The company’s organizational chart and a list of its job-titles.
  6. A list of the company’s technical man-power and their cv’s and its equipment.
  7. A description of the company’s headquarters and branch offices in Libya, with phone and fax numbers, in addition to its website and email addresses.
  8. The company’s sub-contractor/s (if any).
  9. A letter of guarantee provided by the mother company if such company is an affiliate to another company, or a joint-venture thereof.

 

Therefore, such companies that have the desire to participate will have to submit by hand a complete file with all above-mentioned documents to the Chairman of the Tenders Committee, Azzawiya, Libya before 15/12/2016, provided that a copy of such Announcement is presented, duly signed and stamped by the participated company.

 

 

N.B.

  1. This prequalification invitation shall not be deemed as an invitation to the mentioned bidding. Hence, it shall not obliged to the ARC, in any case, to issue the Specifications and Conditions Document, and to invite or include any of the participants in the prequalification on the final list of the companies that will be invited to participate in the mentioned bidding, taking into consideration that the ARC reserves its absolute right on its sole part to reject any of such companies, and its decision will then be considered as final and not subject to appeal.
  2. The Invitation to Bid and the issue of the Tender Document shall be exclusive to the prequalified companies that will be nominated in accordance with the prequalification results.
  3. The presenter shall be fully responsible for all expenses related to their company profile; hence ARC shall not be liable for any such expenses.

 

In case you have any queries, please email us at ARC e-mail tenders_committee@arc.com.ly, or you can also contact the Tenders Committee at the following numbers:

 

Phone:           +218 21 361 0539 – Extension: 5512

Fax:                +218 23 7628670 

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Oil & Gas News

Oil & Gas News
Released:  06/12/20162016-12-06
Word count:  371

The Organization of the Petroleum Exporting Countries expects oil demand in 2017 to be as robust as this year, the group's secretary general told an energy conference on Monday, though recently agreed production cuts could raise prices for buyers.

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Reuters
Mohammed Sanusi Barkindo, briefing reporters on the sidelines of India's Petrotech energy conference, said Asia would have a big role to play in the demand growth and that there was plenty of room for OPEC and non-OPEC countries to grow in the global oil market.

OPEC last week agreed its first oil output cuts since 2008, looking to reduce production by around 1.2 million barrels per day (bpd) beginning in January to try to reduce global oversupply and prop up prices. It hopes non-OPEC countries will contribute another 600,000 bpd to the cut.

Barkindo said OPEC has invited non-OPEC countries Russia, Colombia, Congo, Egypt, Kazakhstan, Mexico, Oman, Trinidad and Tobago, Turkmenistan, Uzbekistan, Bolivia, Azerbaijan, Bahrain and Brunei to a meeting on Dec. 10 to discuss their contribution.

"We want the inventory level to be at a past 5 year average, not more and not less than that," he said.

Oil prices have risen since the production agreement, with benchmark Brent crude oil futures soaring on Monday to its highest since July 6, 2015 to $55.20 a barrel. [O/R]

This has worried big buyers like India, which imports more than 80 percent of its crude oil and has benefited from two years of soft prices. Indian Oil Minister Dharmendra Pradhan told the conference oil producing countries "must match security of supply with security of demand" when deciding prices.

"We are expecting growth next year as robust as this year, in the region of around 1.2 million bpd," Barkindo said. "May be it can go higher, you never know. If it goes higher then producer countries have a right to produce higher in order to meet the demand from countries like India."

He said oil consumers wanted stability in the market to ensure that future supply was guaranteed. He also said that OPEC members were investing heavily to ensure supplies could meet global oil demand, which is likely to continue to rise steadily.

"Alone in India, oil demand is projected to rise to more than 10 million barrels per day (bpd) by 2040, from 4.1 million barrels per day now," Barkindo said.

Overall, OPEC estimates that world oil demand will rise by 17 million bpd to around 110 million bpd by 2040.

(Reporting by Sudarshan Varadan and Promit Mukherjee; Writing by Krishna N. Das. Editing by Jane Merriman)
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Business News

Business News
Released:  06/12/20162016-12-06
Word count:  91

The Libya-Africa Investment Portfolio (LAIP/LAP) in collaboration with the Libyan-Maltese Chamber of Commerce is organizing and hosting a Libya business event: The Mediterranean Business Network Forum 2016 in Malta on 5 December.

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Libya herald
The inaugural event, under the banner of “Future Business Opportunities in Libya”, aims to explore business potential in Libya.

A number of Libyan parastatal and business representatives will be present at the event to interact and network with over 240 delegates.

The Libyan British Business Council (LBBC) is bringing the largest delegation of company representatives to the event.

The organizers hope to repeat the even either in Malta or in another Mediterranean venue at a future date. For further info contact www.libyanmaltesechamber.org.mt
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Business News

Business News
Released:  05/12/20162016-12-05
Word count:  160

Libya, which was exempt from OPEC production cuts this week, is sticking with plans to raise output in the near future by 50 percent, state-owned National Oil Corporation (NOC) said on Friday.

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Reuters
"Currently our production is 600,000 barrels per day. We aim to double that. We think we will get to 900,000 barrels" in the near future, NOC Chairman Mustafa Sanalla said at a conference in Rome on Friday.

The increase depends on lifting a blockade at pipelines serving the western fields of El Feel and Sharara.

Libyan oil officials told Reuters that while talks with local tribes blocking the pipelines were moving forward, there was no clear indication yet when the oil will flow again.

Libya was exempt from a deal the Organization of the Petroleum Exporting Countries reached this week to curtail its collective output to 32.5 million bpd.

Under the deal, OPEC used a conservative figure of 351,000 bpd as a "reference production level" for Libya, well below its October production level of 528,000 bpd in the most recent monthly OPEC report.

(Reporting by Antonella Cinelli in Rome and Ahmad Ghadddar in London, writing by Isla Binnie and Ahmad Ghaddar; editing by Susan Thomas)  
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Oil & Gas News

Oil & Gas News
Released:  05/12/20162016-12-05
Word count:  396

Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated.

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Reuters
Brent crude futures were trading at $53.89 per barrel at 0132 GMT, down 57 cents, or over 1 percent, from their last close. West Texas Intermediate (WTI) crude futures were at $51.49 a barrel, down 52 cents, or 1 percent.

Traders said price falls were triggered by rising production just after last week's accord between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia to cut output in 2017. The cuts aim to rein in a supply glut that has weighed on markets for over two years.

Meanwhile U.S. energy firms extended drilling for new oil production into a seventh month last week, data from energy services firm Baker Hughes showed on Friday.

"The U.S. oil rig count continued its rally this week, up by 3 rigs...Since its trough on May 27, 2016, producers have added 161 oil rigs (+51 percent) in the U.S.," Goldman Sachs said.

Overall - accounting for the recent rise in oil drilling, but also for cutbacks earlier this year on low prices - Goldman said "year-on-year production will decline by 620,000 barrels per day (bpd) in 2016 and increase by 55,000 bpd in 2017".

With U.S. production set to edge up, there are also gnawing concerns that the cuts announced last week by OPEC and Russia might not be as deep as initially anticipated. The planned reductions brought the sharpest weekly crude price rises in years.

Russia on Friday reported average daily oil production of 11.21 million bpd for November - its highest in almost 30 years.

And while Moscow has agreed to cut its output by 300,000 bpd in early 2017, it said it would do so against November levels. That means that even after a reduction, its output would remain higher than it was at the peak of the oil glut in the first half of 2016.

Jeffrey Halley of brokerage OANDA in Singapore said oil traders were "nervous (as) Russia's output has hit record levels, meaning their part of the production cut takes them back to what they were producing only quite recently".

In the Middle East, where the deepest OPEC production cuts are expected, there are also signs that production will rise before it gets cut.

Saudi Arabia and Kuwait are expected to agree this month to resume oil production, with a potential of 300,000 barrels in daily output, from jointly operated oilfields which were shut down between 2014 and 2015 for environmental and technical difficulties.

(Reporting by Henning Gloystein; Editing by Kenneth Maxwell)  
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Oil prices slipped on Friday as some investors opted to cash out after Brent touched 16-month a high on Thursday, with optimism over this week's OPEC-Russia accord on cutting output giving way to questions on the "sticking point" of implementing the deal.

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Reuters
International Brent crude oil futures LCOc1 were trading at $53.66 per barrel at 0242 GMT, down 28 cents, or 0.52 percent, from their last close.

U.S. West Texas Intermediate (WTI) futures CLc1 were at $50.92, down 14 cents, or 0.27 percent. Brent and WTI futures had jumped more than 10 percent since Wednesday's agreement by OPEC members and Russia to reduce crude production by a combined 1.5 million barrels per day.

Analysts are now focusing their attention on implementation of the deal, the first agreement since 2001 by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to coordinate production cuts.

"It looks achievable on the face of it, provided the parties to the latest production cut deal stick to their pledges, which has historically been somewhat of a sticking point," ANZ bank said on Friday.

Still, traders said the market remained broadly optimistic in the longer term about an accord designed to help bring the oil market back into balance.

"This is positive news that will make a sustainable difference to the oil market over the coming months," said Ric Spooner, chief market strategist at CMC Markets, adding that it wouldn't be surprising to see momentum pick up.

Traders said price developments in crude futures over the coming days should provide evidence of the extent of the market's optimism for the deal.

"WTI has arrived at the peaks from the middle of last year and again in October," Spooner said, adding the next movements in the futures should provide insight into exactly how positively traders view this week's agreement.

(Reporting by Roslan Khasawneh; Editing by Michael Perry and Kenneth Maxwell)

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Business News

Business News
Released:  02/12/20162016-12-02
Word count:  287

The official launch of the Support to Libya for Economic Integration, Diversification and Sustainable Development (SLEIDSE) programme, funded by the European Union with a contribution of France, and implemented by Expertise France, will take place in Tunis today.

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African business review
This four year programme aims to promote the development of dynamic and diversified micro, small and medium enterprises capable of creating employment and livelihoods in Libya, with a focus on youth and women.

Fathi Al-Mijbari, Libya’s Deputy Prime Minister, stated: “Libya warmly welcomes the European Union and France’s commitment. We need your help and support to pave the way for a better future, and this begins now”.

The programme intends to support economic reconstruction and skills empowerment for Libyan youth & women. The director of SLEIDSE programme will present its recent achievements and its first steps towards economic recovery.

Bettina Muscheidt, Head of the European Union Delegation to Libya, stressed: “The crisis in Libya is painfully affecting people’s lives and opportunities for young Libyans to build a stable and prosperous Libya. The European Union is keen to develop ever closer ties with Libya, one of its key neighbours; Along with our support to the political process, we endeavour to assist economic recovery in every possible way, throughout the country and for all Libyans.”

The programme also aims to assess the current situation of access to finance in Libya and to share the best practices among international players. The ultimate aim of this activity is to build up a credit guarantee scheme, equipped with procedures to offer finance solutions to aspiring entrepreneurs, SMEs and large companies.

“Expertise France is very proud to develop this very innovative programme, which is designed to help Libya recover from several years of wars and crisis. More important, we try to give the Libyan youth hope and tools to develop their own economic activity with the support of the main European economic actors,” stated Sebastien Mosneron Dupin, CEO of Expertise France.
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Mr Ronald Rajnesh Gounder
1 day ago

Business News

Business News
Released:  01/12/20162016-12-01
Word count:  211

High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flatline in 2017 before gradually moving higher over the next few years, Fitch Ratings says.

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Hellenic shipping news
We expect supply and demand to be broadly balanced in 1H17, with a move to a more pronounced deficit from 2H17. But the still-high commercial inventories may delay any significant price response.

We have therefore maintained our base-case assumption, used when rating energy-sector corporates, that both Brent and WTI will average USD45/barrel in 2017. We have also maintained our USD55/barrel assumption for 2018 and introduced a 2019 price expectation of USD60, reflecting our belief that it may take longer to fully return to our long-term equilibrium price of USD65/barrel.

But there is significant uncertainty about the future path of oil prices. Unprecedented capex cuts could translate into a far sharper fall in output than the consensus expectation, while there is also potential for demand growth to slow if economic growth disappoints or for supply to be higher than expected if US shale comes back strongly as prices rise.

Our price assumptions do not factor in any impact from a possible OPEC production cut agreement during its meeting scheduled for 30 November. This is because even if a deal is agreed, its ability to have a lasting impact on prices is unclear and will depend on the size of the cuts and the willingness of members to stick to them.

Source: Fitch Ratings
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Gabriel Gideon
5 days ago

Oil & Gas News

Oil & Gas News
Released:  01/12/20162016-12-01
Word count:  527

Oil prices shot up more than 12 percent, smashing trading volume records, after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand by to fill the gap.

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Reuters
The Organization of the Petroleum Exporting Countries (OPEC)agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output. The deal also included the group's first coordinated action with non-OPEC member Russia in 15 years.

"OPEC has agreed to an historic production cut," analysts at AB Bernstein said. "The cut of 1.2 million barrels per day (bpd) was at the upper end of expectations (0.7-1.2 million bpd). An additional cut of 0.6 million bpd from non-OPEC countries could significantly add to what has been announced by OPEC."

Following the announcements, the price for Brent crude futures LCOc1, the international benchmark for oil prices, jumped more than 12 percent from below $50 on Wednesday to $52.31 per barrel at 0441 GMT.

The development also triggered frenzied trading, with Brent futures trading volumes for February and March expiry hitting record volumes.

February Brent traded a record 783,000 lots of 1,000 barrels each on Wednesday, easily beating a previous record of just over 600,000 reached in September. March expiry Brent traded 288,64000 lots of 1,000 barrels each, compared with a previous record of 228,7000 lots done in July 2014.

Yet as markets re-opened in Asia on Thursday, some doubts over the cut began to emerge.

"This is an agreement to cap production levels, not export levels," British bank Barclays said. "The outcome is consistent with... what OPEC production levels were expected to be in 2017 irrespective of the deal reached."

Meanwhile U.S. bank Morgan Stanley said, "Investor skepticism remains on individual countries' follow-through (on the cut), which is keeping prices below year-to-date highs (of $53.73 per barrel in October) for now."

Also, because any cut will only take effect from next year, supplies for the rest of 2016 remain ample.

"Supply in December will increase while demand is expected to decline. This makes the foundations of a strong price advance unstable, if not dangerous," commodities brokerage Marex Spectron said.

Despite the jump in prices after the deal, they are still only at September-October levels - when plans for a cut were first announced.

Oil prices remain at less than half their mid-2014 levels, when the global glut started, and Goldman Sachs said in a note following the agreement that it expected oil prices to average just $55 per barrel in the first half of next year.

OPEC produces a third of global oil, or around 33.6 million bpd, and the deal it would reduce output by 1.2 million bpd from January 2017. That would take its output to January 2016 levels, when prices fell to over 10-year lows amid ballooning oversupply.

Analysts also said that the cuts would leave the field open for other producers, especially U.S. shale drillers.

"We do not believe that oil prices can sustainably remain above $55 per barrel, with global production responding first and foremost in the U.S.," Goldman Sachs said.

U.S. crude production has already risen by over 3 percent this year to 8.7 million bpd, as its drillers have aggressively slashed costs.

Consequently, U.S. West Texas Intermediate (WTI) crude futures were weaker than Brent, though edging towards $50, trading at $49.81 per barrel at 0442 GMT.

(Reporting by Henning Gloystein; Additional reporting by Keith Wallis; Editing by Kenneth Maxwell)
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Gabriel Gideon
5 days ago

Contract News

Contract News
Released:  30/11/20162016-11-30
Word count:  606

Medserv announced that the company have been re-awarded a contract by Eni North Africa (EniNa) to provide logistics base and associated services for its exploration activities taking place offshore and onshore Libya.

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Medserv energy
The contract duration is for a period of one year with the possibility of extending for another year. This contract comes into effect on the 1st of January 2017. These services are to be carried out at the Company’s Malta base situated in the Malta Freeport.

This contract, in addition to the two-year major logistic and base support contract that came to market in 2016 for offshore Libya activity that was announced earlier this year consolidates the business pipe line for Medserv Operations and work levels for the Malta operation are expected to be high in the next three years.

Edison Investment Research, an independent research body, also published their Q3 trading update earlier this week.

The report issued indicates that, despite the very challenging macro environment, Medserv is maintaining a robust overall performance aided by the initial contribution of METS. The report states that Edison’s numbers are unchanged and they quote a fair value calculation of €2.03 per share.

Medserv provided an update of the status of their international operations in their interim Directors’ report issued earlier this week. Medserv has maintained operations in the Tripoli office to support the work being done in Malta for Libya and has in place plans to return to Libya as soon as the situation in Libya allows it to do so. Meanwhile, operation in Cyprus remains unchanged. The base in Larnaca is still in a mothballed position and discussions are ongoing with both clients and local authorities on the future of shore base services. The operation in Portugal is also in mothball mode and drilling operations are now expected to commence in the first quarter of 2017.

The Company also announced that it is very active in development work in new markets. A Trinidad office has been set up to develop business in the Caribbean region, where Medserv is participating in a tender bid for business offshore Trinidad. The outcome of this competitive bid should be known by the year end. The Company has also been accepted on the vendor list of a further two companies with operations offshore Trinidad which will allow the Company to participate in tenders expected to be issued in 2017.

Medserv Egypt is up and running with the office set up in Cairo and has been accepted on the vendor list of two IOCs operating offshore Egypt. The Company reported that the first tender which they may participate in is expected to be issued in November 2016.

The Company also reported that the decision to invest in the Oil Country Tubular Goods (OCTG) market of the Middle East via the acquisition of METS has had a major impact on the group. Turnover and profitability in Oman are expected to surpass forecasts. The U.A.E. is expected to reach the budget profit.

The Iraq Company has just completed the restructuring plan which allows METS Iraq to remain fully functional and work at break-even as of October 2016. Signs that the Southern Iraqi oil and gas market is picking up continue to strengthen with IOCs showing renewed interest. The synergy that exists in the product portfolio of both companies has started to deliver new revenue. The first contract for pipe testing was successfully completed in the Medserv Hal Far Malta facility using technology and know-how imported from METS.

Despite the fact that the first three quarters of 2016 have proven to be challenging to the oil and gas industry and Medserv has had to respond and adapt to these market realities, the initiatives taken by the Company to date have not only reduced the shortfall in performance but also placed the Company in a position to perform strongly next year.
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Oil & Gas News

Oil & Gas News
Released:  30/11/20162016-11-30
Word count:  381

Oil markets edged up in nervous trading on Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.

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Reuters
International Brent crude LCOc1 was trading at $46.80 per barrel at 0311 GMT, up 42 cents, or 0.91 percent, from its last close.

U.S. West Texas Intermediate (WTI) crude was up 23 cents, or 0.51 percent, at $45.46 a barrel.

Traders said markets were jittery, and that prices could sharply swing either way depending on developments at the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna. Oil dropped nearly 4 percent the previous session over disputes between Saudi Arabia, Iran and Iraq regarding details of the planned cut.

Despite the disagreements, most analysts still expect some form of deal to emerge.

"We expect OPEC will reach an agreement ... We believe OPEC's resolve in reaching an agreement remains strong," ANZ bank said on Wednesday.

Analysts at Goldman Sachs, Barclays and ANZ agree that oil prices would quickly rise above $50 per barrel should OPEC come to an agreement. Without a deal, the consensus is for prices to fall to the low $40s.

Iran and Iraq are resisting pressure from Saudi Arabia to curtail production, making it hard for the group to reach a deal.

On Tuesday, tensions rose after Iran wrote to OPEC saying it wanted Saudi Arabia to cut production by 1 million barrels per day (bpd), much more than Riyadh is willing to offer, OPEC sources who saw the letter told Reuters.

Iranian Oil Minister Bijan Zanganeh told reporters upon arrival at OPEC's headquarters in Vienna that his country was not prepared to reduce output: "We will leave the level of production (where) we decided in Algeria."

OPEC, which accounts for a third of global oil production, made a preliminary agreement in Algiers in September to cap output around 32.5-33 million bpd versus the current 33.64 million bpd to prop up prices.

OPEC said it would exempt Iran, Libya and Nigeria from cuts as their output had been crimped by unrest and sanctions.

A potential compromise would be for OPEC to return to some form of member state production quota, instead of ordering outright cuts.

Although that would do nothing to end a global production overhang in which more crude is pumped than can be consumed, it would potentially help balance the market in the long term as rising demand would gradually bring consumption to output levels.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Kenneth Maxwell)

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Oil & Gas News

Oil & Gas News
Released:  29/11/20162016-11-29
Word count:  262

Oil prices dipped on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday aimed at reining in a global supply overhang and propping up prices.

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Reuters
International Brent crude oil futures LCOc1 were trading at $47.99 per barrel at 0305 GMT, down 25 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate crude futures CLc1 were down 23 cents, or 0.5 percent, at $46.85 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.

With a high degree of uncertainty going into the last 24 hours before the meeting, oil price volatility is expected to be high.

"I still think they need to do a deal even though my confidence has dropped back to coin toss levels," said Greg McKenna, chief market strategist at Australian brokerage AxiTrader.

Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore said he expected "intra-day volatility to ratchet higher again into tomorrow, with price action being entirely headline driven."

There remains disagreement among OPEC-members over which producers should cut by how much, and a plan for non-OPEC oil giant Russia to participate has so far also failed.

Beyond OPEC's production policy, oil demand remains firm.

South Korea's crude imports rose 3.9 percent in the third quarter of 2016 from a year earlier, as oil consumption climbed thanks to low oil prices.

The world's fifth-largest crude importer shipped in 270.4 million barrels of crude oil in the July-September period, or 2.94 million barrels per day (bpd), compared with 260.3 million barrels in the same period in 2015, its energy ministry said on Tuesday in a statement.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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Business News

Business News
Released:  29/11/20162016-11-29
Word count:  205

Libya’s economic woes mean that it cannot afford to be part of OPEC production cutbacks, National Oil Corporation boss Mustafa Sanalla has warned. It would have to opt out of any cuts for the foreseeable future.

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Libya herald
Sanalla told the Austrian-Arab Forum in Vienna that Libya’s oil output had doubled since September’s lifting of force majeure on the Oil Crescent export terminals. He added that he hoped the enforced closure of the country’s ports and oil fields for political purposes was now a thing of the past.

Sanalla said that the unrestricted flow of oil brought badly-needed income that benefited the whole country. “The real test is whether we can get out of the current political crisis and maintain a continuing flow of oil production. “

OPEC members are due to meet in Vienna on Wednesday to agree cuts in their output. In Algiers last month, there seemed to be a consensus that Libya could be excluded from any output reductions.

Today NOC executives have been meeting in Tripoli to finalise NOC’s plans for next year. Operational managers have set out their plans to restore and repair equipment and the options to boost production up to and beyond Sanalla’s year-end target of 900,000 barrels a day.

However, with the continued Zintani blockade of the pipelines at Rayayina cutting at least 125,000 barrels a day output from the Sharara and El Fil (Elephant) fields, that figure is unlikely to be hit.
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Business News

Business News
Released:  28/11/20162016-11-28
Word count:  220

South Korea has given $1 million to the Stabilization Facility for Libya (SFL) to help implement a number of public services projects in the country.

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Libya herald
These are being coordinated by the Presidency Council’s Government of National Accord (GNA) in collaboration with the United Nations Development Programme (UNDP). The SFL has an initial target of $60 million to spend on public services such as infrastructure, schools, hospitals, water and waste treatment facilities, and the power grid. Half the amount is supposed to come from foreign governments, half from the GNA.

It was agreed by those foreign governments which first contributed to the facility that the would initial projects would be in Benghazi, Kikla and Obari.

As part of this, a fire engine has already been delivered to Kikla and a dozen ambulances are due to be handed over to all three places. Other planned deliveries due include rubbish collection trucks, power generators and solar power installations for hospitals. Part of the money is also to go on rehabilitating schools and municipal buildings.

Altogether it is estimated that more than 700,000 residents of Benghazi and the two towns will benefit. Thanking South Korea, UNDP country director Noura Hamladji said that the donation would make a difference to the lives of local inhabitants.

South Korean ambassador Kim Young-chae noted that this was one of a number of his country’s humanitarian contributions to Libya since the 2011 revolution. It hoped that the donation would help bring peace to the country.
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Oil & Gas News

Oil & Gas News
Released:  28/11/20162016-11-28
Word count:  738

The dollar and U.S. bond yields fell on Monday as investors reversed a "Trumpflation" trade that has gripped markets since the U.S. elections, after oil prices slid on fears that producer countries meeting this week could fail to agree an output cut.

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Reuters
Though Brent crude futures last traded at $47.02 per barrel LCOc1, almost flat on the day, prices had been down by as much as 2.0 percent in early Asian trade, following on from a 3.6 percent fall on Friday as doubts arose over whether the Organization of the Petroleum Exporting Countries would reach a deal later this week.

Prospects of reduced upward pressure on inflation from oil prices, prompted investors to temper expectations for rises in U.S. interest rates, bring down treasury yields and the dollar.

That gave some relief to Asian shares, which had underperformed on worries about capital flight to higher-yielding U.S markets in the weeks since Donald Trump's Nov.8 election win.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.6 percent, led by gains in Hong Kong .HSI and Taiwan .TWII.

In contrast, U.S. stock futures ESc1 slipped 0.2 percent after their stellar performance this month on hopes President-elect Trump's policy of fiscal spending, deregulation and protection of domestic industries will boost U.S. inflation and benefit Corporate America.

Japan's Nikkei average .N225, which had performed even better than Wall Street thanks to the yen's fall, also lost its lustre, falling 0.3 percent.

"It will be scary to think markets may fully reverse their moves since the elections, changing their mind that Trump's policy may not be so good after all," said Bart Wakabayashi, head of Hong Kong FX sales at State Street Global Markets.

Wall Street's four main indexes .DJI .SPX .IXIC all hit record highs last week, a feat last achieved in 1999.

Yet some investors question whether the market may have got carried away with optimism on Trump's policy, given the uncertainty on the political neophyte's presidency, including on how closely he can work together with the Congress. But it was doubts about inflationary expectations, due to languishing oil prices that gave investors a more immediate reason to have second thoughts.

Saudi Arabia said on Friday it will not attend talks on Monday with non-OPEC producers to discuss supply cuts.

"Oil prices have fallen considerably on worries about the deal. That would pressure energy shares, and could hit the entire stock markets. Given their rally in recent days, it's no surprise to see some adjustment," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

Saudi Arabia's energy minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene, and that keeping output at current levels could therefore be justified.

His comments raised worries that a preliminary agreement reached in September for OPEC to reduce output to between 32.5 million and 33 million barrels per day may fall apart when OPEC ministers meet on Wednesday to finalise that deal. OPEC also wants non-OPEC producers such as Russia to support the intervention by curbing their output.

As lower oil prices reduce inflationary pressure, they sapped momentum for a sell-off in U.S. Treasuries and a rally in the dollar, the market's favourite play since the U.S. election.

The dollar sank more than 1.6 percent against the yen to as low as 111.355 yen JPY=, down sharply from its eight-month high of 113.90 set just on Friday. It last traded at 111.90 yen.

"As long as the dollar holds above 111-111.50 yen, I do not judge the (dollar's rising) trend has changed," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered in Tokyo.

The dollar's index against a basket of six major currencies .DXY =USD stood at 100.88, slipping 0.6 percent on day and off its 13 1/2-year high of 102.05 touched on Thursday.

The dollar shed more than 0.5 percent against many emerging market currencies, including the Mexico peso MXP=, the biggest loser after Trump's election victory, the South African rand ZAR= and the Turkish lira TRY=.

The euro EUR= gained 0.8 percent to $1.0655, extending its rebound from its near one-year low of $1.0518 touched on Thursday.

The single currency has so far shown limited reaction to the French conservatives' presidential primaries on Sunday.

Former Prime Minister Francois Fillon, a socially conservative free-marketeer, won the run-off, setting up a likely showdown next year with far-right leader Marine Le Pen that the pollsters expect him to win.

Gold XAU= bounced back to $1,192.0 per ounce from Friday's low $1,171.5, which was its lowest level since early February.

The yield on 10-year U.S. Treasuries US10YT=RR dropped almost 4 basis points to 2.330 percent, off its 16-month high of 2.417 percent touched on Thursday.

(Editing by Simon Cameron-Moore)
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Oil & Gas News

Oil & Gas News
Released:  24/11/20162016-11-24
Word count:  295

OPEC is expected to discuss an all-member-production cut of 4-4.5%, excluding Libya and Nigeria, Reuters reported on Tuesday, citing three sources within the cartel in Vienna.

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Kallanish energy 
According to the report, a “gathering of experts” decided to recommend the oil ministers’ meeting on Nov. 30 include debate of a proposal from member Algeria to curb its output by that amount.

If the curb is agreed to, OPEC’s current output would decline by more than 1.2 million barrels per day (MMBPD) based on the group’s October production data – capping production closer to the upper end of its cutback proposal, at 33 MMBPD.

The challenge remains in convincing Iran and Iraq to agree to the cutback, according to sources. Each has expressed reservations about their level of participation in the so-called Algiers accord.

On Tuesday, Iraq’s foreign minister said OPEC should allow his country to continue increasing production with no restrictions, Kallanish Energy notes. Iraq, asked to cut as much as 200,000 BPD, is still considering whether it should cut from the levels OPEC bases its production estimates on, or its own production figures – which are higher.

“85% percent of proposed OPEC cuts are from Gulf countries, but Iran is still not in favor,” one source told Reuters. Tehran was reportedly asked to cut 4.5% from a higher ceiling of above 3.92 MMBPD, capping volumes at 3.79 MMBPD. That’s 90,000 BPD above its October production, based on secondary sources.

OPEC’s secretary-general Mohammad Barkindo met Iran’s oil minister, Bijan Zanganeh, during a closed-door session on Nov. 19, in Tehran. Barkindo said “the participation of Iran in the implementation of the accord is crucial and I remain optimistic.”

Other media reports suggested OPEC production targets are likely to last six months from January 2017.

On Tuesday, Brent crude futures for January touched a high of $49.96 per barrel (Bbl), before falling to $48.63 at 11.27 EST. WTI crude futures, also for January, were trading $1 lower than Brent, at $47.63, after reaching a high of $49.20/Bbl.
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Oil & Gas News

Oil & Gas News
Released:  24/11/20162016-11-24
Word count:  350

Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity due to the U.S. Thanksgiving holiday kept traders from making big new bets on markets.

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Reuters
International Brent crude oil futures LCOc1 were trading at $49.00 at 0403 GMT, up 5 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.04 per barrel, up 8 cents from their last settlement.

Traders said market activity was low due to the U.S. holiday, and there was a reluctance to take on big price directional bets due to uncertainty about a planned oil production cut, led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC is due to meet on Nov. 30 to coordinate a cut, potentially together with non-OPEC member Russia, but there is also disagreement within the producer cartel as to which member states should cut and by how much.

"The Thanksgiving Holiday today has thinned traders interest ... but the OPEC result next Wednesday is the only game in town for energy traders," said Jeffrey Halley, senior market analyst at OANDA brokerages in Singapore.

Most analysts believe some form of production cut will be agreed, but it is uncertain whether it will be enough to prop up a market that has been dogged by a fuel supply overhang for over two years, resulting in a record three years of falling investments into the sector, according to the International Energy Agency (IEA).

"We expect OPEC will reach an agreement at next week's biannual meeting in Vienna... If OPEC does successfully reach an agreement, prices are likely to test the year high in Brent of $53 per barrel," ANZ bank said in a note to clients on Thursday.

But it added that "investor positioning data and price action suggest the market remains unconvinced," and that net long positions, which would profit from rising prices, were still at lows not seen since oil hit $27 per barrel earlier this year.

Beyond OPEC, traders said the strong U.S.-dollar, which is at levels last seen in 2003 against a basket of other leading currencies .DXY, was influencing oil prices.

A strong dollar, in which oil is traded, makes fuel purchases more expensive for countries using other currencies at home, potentially crimping demand.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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Oil & Gas News

Oil & Gas News
Released:  23/11/20162016-11-23
Word count:  72

The first day of a two-day meeting of OPEC experts to nail down details of their plan to cut oil output went well, Libyan OPEC governor Mohamed Oun told reporters.

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Reuters
"We are discussing. We are not disagreeing," he said after the first day of the meeting ended shortly before 1730 GMT. Asked whether the day had gone well, he said "Yes."

The second meeting of the High-Level Committee began at 0930 GMT on Monday. The committee is a technical body comprised mainly of OPEC governors and national representatives - officials who report to their respective ministers.

(Reporting by Alex Lawler; editing by David Clarke)  
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