Libya Oil Exports Resume from Brega

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Oil & Gas News

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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News Releases

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

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

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without going to trial - in the case brought by the Libyan Investment Authority (LIA) in January, but has recently withdrawn it, the LIA said in a statement.

"Following the serving of the LIA's reply evidence, Goldman Sachs has withdrawn its summary judgment application," the LIA said.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Reuters
* Total oil output reaches 562,000 bpd

* Es Sider port to start loading tanker on Tuesday

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Initiate drilling new well exploration in marine area

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MEXICO IS BACK, TOO

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

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

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

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

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

MARKETS

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

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Oil & Gas News

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

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

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

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

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

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

Flows Halt

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

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

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

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

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

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

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

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

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

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

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

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

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

(Source: BanaBay Bananas)
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Oil & Gas News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Toyota Libya has not shut down

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

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

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

Toyota Libya has not shut down

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

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

Oil & Gas News
Released:  13/08/20142014-08-13
Word count:  93

VIENNA Aug 12 (Reuters) - Austrian oil and gas group OMV has begun producing oil again in Libya and is shipping its first supplies out of the country, Chief Executive Gerhard Roiss said on Tuesday.

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Reuters
"We're already producing around 8,000 barrels," he told a news conference. "We have prepared the first cargo, which is on its way to Trieste to supply our refinery in Burghausen, and are in the process of loading a second."

Jaap Huiskjes, OMV's head of exploration and production, said output was rising. "It is fluctuating strongly but in the third quarter to date we have on average produced around 12,000 barrels per day in Libya," he said, adding it would have to wait and see how output continued.

(Reporting by Georgina Prodhan; Editing by Michael Shields)
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Oil & Gas News

Oil & Gas News
Released:  13/08/20142014-08-13
Word count:  434

Libya loaded the first oil cargo from the port of Ras Lanuf since it was closed by rebels a year ago, just as the International Energy Agency said the North African nation is struggling to find buyers in an oversupplied market.

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Bloomberg
A tanker will soon leave port with 680,000 barrels of crude and head to Italy, Ibrahim Al-Awami, the Oil Ministry’s Director of Measurement, said by phone today from Tripoli. While state-run National Oil Corp. plans to double exports this month, crude traders are more concerned that the additional supply will depress prices than the risk of production being disrupted by further unrest, the IEA said.

“Even though you have fighting in Tripoli, Libya seems to be able to provide volumes higher than the previous month’s,” Alexander Poegl, an analyst at JBC Energy GmbH in Vienna, said by phone. “Libya is one piece among a lot of pieces in the puzzle at the moment,” which are exerting downward pressure on oil prices.

The increase in Libyan oil exports comes as prices of Brent crude signal that immediate supplies are more than enough to satisfy demand. The grade, used in pricing more than half the world’s oil, fell to a nine-month low of $103.25 a barrel today on the ICE Futures Europe exchange in London. Front-month Brent contracts have been cheaper than later deliveries since early July, the longest period since 2010 that such a discount, called contango, has been in place.

Tipping Point

The contango structure is unlikely to reverse while European refinery operations remain subdued and storage tanks are replete with supplies from West Africa, according to London-based consultants Energy Aspects Ltd. The spread has reached the “tipping point” that makes storing crude at sea on tankers for later delivery profitable, JBC’s Poegl said.

“The Atlantic market is currently so well supplied that incremental Libyan barrels are reportedly having a hard time finding buyers,” the IEA, a Paris-based adviser on energy policy to 29 nations, said in its monthly report today. “Many in the market seem more focused today on potential short-term downward price pressures from a further increase in Libyan production” than on “upward price pressures as might result from an escalation of fighting,” the IEA said.

Ras Lanuf is one of four ports in eastern Libya seized by rebels a year ago, all of which have since been returned to government control. Disputes between Libya’s government and an array of political, religious and tribal groups have at times decimated the country’s production. Output was 430,000 barrels a day in July, about a third of the level in early 2013, according to the IEA.

To contact the reporters on this story: Grant Smith in London at gsmith52@bloomberg.net; Saleh Sarrar in Dubai at ssarar@bloomberg.net

To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net Claudia Carpenter  
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Oil & Gas News

Oil & Gas News
Released:  12/08/20142014-08-12
Word count:  61

Libya oil production around 450,000 bpd, despite clashes

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Reuters
TRIPOLI Aug 11 (Reuters) - Libyan oil output is around 450,000 barrels per day, down from 500,000 bpd two weeks ago despite clashes between rival armed factions in Tripoli and Benghazi, a spokesman for Libya's National Oil Company said on Monday.

The spokesman declined to give further details but said that all oilfields were secure.

(Reporting by Aziz El Yaakoubi; editing by Keiron Henderson)  
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Oil & Gas News

Oil & Gas News
Released:  12/08/20142014-08-12
Word count:  433

The first crude loading in nearly a year has begun at the Ras Lanuf terminal in Libya, a local port agent told Platts Monday, giving the beleaguered North African country a much needed boost.

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Platts
Ras Lanuf, whose capacity is 220,000 b/d, was occupied by anti-government forces in August 2013, and was only handed back to state-owned NOC last month after rebels reached a deal with Tripoli.

Tanker owners have been cautious about sending vessels to Libya as rival militant groups and government forces continue to clash around the capital Tripoli and in the east of the country.

The Gemini Sun Aframax tanker, owned by Zodiac Maritime, is currently loading a cargo at the terminal, with the charterer said to be Austria's OMV. "The Gemini Sun is loading Sirtica crude at Ras Lanuf and should complete the loading by tomorrow morning," the agent said.

"The charterer is OMV. This is the first loading since the terminal re-opened but I believe there is another tanker coming as well," he said.

OMV declined to comment Monday.

According to the agent, the crude that is loading is storage barrels. "It's an oil cargo from storage," he said.

Traders also expect the nearby Es Sider terminal -- which has also been inoperational since August 2013 -- to resume loadings in the coming days.

PRODUCTION LIMITS

Earlier Monday, a senior NOC official said that it was proving difficult to ramp up Libya's production because of the lack of exports from the North African country.

This, the official said, meant its storage facilities at fields and at ports across its Mediterranean coast were filled to capacity.

Libya is currently producing between 450,000 b/d and 500,000 b/d of crude, but the official said the country could theoretically return output back to pre-crisis levels of around 1.5 million b/d.

"Libyan fields are ready to pump oil at its normal maximum capacity, and it doesn't face any problems except that we can't produce more since the storage tanks are full with crude oil," the official said.

"The storage tanks at Ras Lanuf and Es Sider have around 9 million barrels ready for companies to come and lift them," he said.

Libya had hoped to be able to ramp up output across the country, including at its recently restarted fields of Sharara and Elephant in the southwest of the country, but exports have been slow out of its Mediterranean ports.

This has prevented Libya from opening the taps further at its key producing fields.

"Sharara is not producing at full capacity since storage tanks there are full," the official said.

"Sharara is producing around 200,000 b/d."

Libyan production has been ramping up from lows of just 150,000 b/d in June, though it remains well below the 1.5 million b/d Libya was producing before the current spate of unrest began in May 2013.  
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5 hours ago

Oil & Gas News

Oil & Gas News
Released:  11/08/20142014-08-11
Word count:  152

VIENNA, Aug. 8 (UPI) -- Libyan oil production is at its highest level since the beginning of the year, the Organization of Petroleum Exporting Countries said Friday.

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UPI
OPEC said in its latest monthly market report crude oil production from member states averaged 29.9 million barrels per day. Production fell primarily in member states Iraq and Angola, while production increased from Libya and Saudi Arabia.

Libyan Prime Minister Abdullah al-Thinni told U.S. Secretary of State John Kerry in Washington his government "has managed to solve" the oil crisis plaguing what was once one of North Africa's top oil producers.

OPEC said in its market report Libyan crude oil production has doubled since June. "Libyan production rose past 500,000 barrels per day for the first time since January," the report said.

OPEC data show Libyan crude oil production reached a post-war peak of around 1.4 million bpd in 2013, before starting a precipitous decline toward the historic low of 213,000 bpd in March. Libya's new parliament met for the first time Monday about 900 miles east of Tripoli, where pro-government forces are battling heavily armed militias.
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Oil & Gas News

Oil & Gas News
Released:  11/08/20142014-08-11
Word count:  285

LONDON--OPEC's oil production rose to its highest in five months in July, boosted by the reopening of ports and oil fields in Libya, the oil producers' group said Friday.

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NASDAQ


In its monthly oil market report, the Organization of the Petroleum Exporting Countries said Libya's production rose by 200,000 barrels a day last month, bolstering the group's output by 167,000 barrels a day to total 29.9 million barrels a day.

The increase in production came after Libya's government reached an agreement with rebel forces in July to reopen oil ports and fields that had been closed for nearly a year, raising hopes that its exports could begin to rise.

However, despite last month's uptick, ongoing turmoil in the country has dented hopes of further improvements in its level of oil production. Fighting between militias at Tripoli airport has already upset operations at two large fields and several international major oil companies have evacuated staff.

Meanwhile a deterioration of the security situation in Iraq has for months shut in production in the country's north. Although the bulk of the country's oil fields in the south have so far remained safe, concerns have risen this week about the semiautonomous region of Kurdistan.

"Until recently, OPEC's hopes were pinned particularly on Iraq, as it was to shoulder two-thirds of the oil cartel's future production increases. However, the country is now sliding increasingly into chaos," analysts at Commerzbank said in a note.

Political turmoil in member states comes as the group is already contending with falling market share, challenged particularly by rising production in the U.S. Last year, OPEC's share of total global production averaged 43.4% down from 44.6% in 2012, according to the group's annual statistical report.

This year, OPEC expects demand for its oil to average 29.6 million barrels a day, a downward revision of 100,000 barrels a day compared with last month, it said.

Write to Sarah Kent at sarah.kent@wsj.com
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News Releases

News Releases
Released:  08/08/20142014-08-08
Word count:  221

Fast growing tropical fruit producer and distributor BanaBay has secured a new contract with Libyan fruit importer Al Fakira Co. Ltd, based in Tripoli.

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Freshplaza
BanaBay will be supplying their distinctive, premium quality bananas to Al Fakhira, extending the company’s established portfolio, which currently includes apples and pears, kiwi, plums, peaches, nectarines and apricots, grapes, oranges and lemons, as well as garlic, onions and chestnuts.

According to BanaBay Managing Director Mark O’Sullivan, the Middle East has been identified by the company as a target area for growth, and the new Libyan contract represents an important step forward in a new marketplace.

“We have had a lot of interest in BanaBay fruit from several countries in the region, where there is high demand for premium quality fresh produce” he says. “Our new contract with Al Fakhira will open up opportunities in Libya and also in other areas where they operate, such as Tunisa. We are already shipping 6 containers a week to Libya and anticipate increased volumes as we consolidate our relationship and establish our products in this new marketplace.”

For Al Fakhira, BanaBay was selected a partner based on the taste and quality of the fruit, but also on the flexibility and reliability of service.

Commenting on behalf of the company, Mohamed Byok said, “We are delighted to be adding BanaBay bananas to our established range of produce and look forward to working with BanaBay to promote the new brand to our customers in Libya.”
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News Releases

News Releases
Released:  07/08/20142014-08-07
Word count:  93

Scottish Company Continues with Power Project

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Libya business news
In its Half-Yearly Report, temporary power firm Aggreko has said it is “clearly cognisant of the security situation … in … countries such as Libya, across both our Local and Power Project businesses and [we] continue to monitor developments closely.“

The company began to deploy a 120 MW contract in Libya in April.

The Scottish-based company said it made pre-tax profits of £132 million in the first six months of the year, a fall of 9 percent, but said underlying growth was strong. It said its results were adversely affected by the impact of “currency translation“.

(Source: Aggreko)
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