Oil prices fall after U.S. drillers add rigs

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Oil & Gas News

Oil & Gas News
Oil prices fall after U.S. drillers add rigs
Released:  04/12/20172017-12-04
Word count:  306

TOKYO (Reuters) - Oil fell on Monday after U.S. shale drillers added more rigs last week, but prices still held close to their highest since mid-2015, supported by an extension of output cuts agreed last week by OPEC and other producers.

Reuters
Drillers in the United States added two oil rigs in the week to Dec. 1, bringing the total count up to 749, highest since September, energy services firm Baker Hughes said in its closely followed report late on Friday. RIG-OL-USA-BHI U.S. West Texas Intermediate CLc1 was down 46 cents, or 0.8 percent, at $57.90 a barrel at 0431 GMT. Brent futures LCOc1 were down 39 cents, or 0.6 percent, at $63.34 a barrel.

The U.S. rig count, an early indicator of future output, gained sharply from 477 rigs active a year ago after energy companies boosted spending plans for 2017. [RIG/U]

Drillers over 2017 were encouraged to increase activity as crude prices started recovering from a multi-year price slump around the same time that the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers, including Russia, agreed to production cuts a year ago.

Last week, the producers agreed to extend those cuts of 1.8 million barrels per day (bpd) until the end of next year.

“The extent of U.S. production growth and the strength of global oil demand in 2018 remain the main uncertainties,” BMI Research said in a note.

“OPEC (or rather Saudi Arabia) will increasingly work to manage the market,” BMI said in the note.

The latest agreement allows for producers to exit the deal early if the market overheats. Russian officials had expressed concern that extending the output cuts might encourage rival U.S. shale oil firms to pump more crude.

Rising U.S. production has been a persistent thorn in OPEC’s side and the rig increased for a second straight week.

U.S. output rose in September to 9.5 million bpd, the highest monthly output since 9.6 million bpd in April 2015, according to government data going back to 2005. On an annual basis, U.S. output peaked at 9.6 million bpd in 1970.

Reporting by Aaron Sheldrick; Editing by Richard Pullin and Tom Hogue  
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SINGAPORE (Reuters) - Oil prices dipped lower on Friday as investor concerns about high U.S. crude exports outweighed an unexpected drop in oil inventories in the world’s biggest fuel consumer.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $62.74 a barrel at 0750 GMT, down 3 cents from their last settlement. Brent crude futures were down 2 cents at $66.37 a barrel.

WTI was still on track to rise about 1.7 percent for the week, and Brent was up 2.2 percent, with both contracts set for their second weekly gains after falling steeply early in the month.

Friday’s dips followed gains during the previous day when the Energy Information Administration (EIA) said U.S. crude stockpiles fell by 1.6 million barrels in the week to Feb. 16, to 420.48 million barrels, despite a seasonal slowdown in demand at the end of the northern hemisphere winter season.

“A counter-seasonal draw should always be taken bullishly -as it has been - but this week’s net crude imports were very low,” U.S. investment bank Jefferies said, adding that “extremely low” imports also contributed to the draws.

Other analysts pointed to the shape of the oil price curve as the reason for the stock draw.

“Part of that (inventory fall) is the shape of the oil curve which makes it uneconomic to store product,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

The forward price curves for Brent <0#LCO:> and WTI <0#CL:> are in a shape known as backwardation, in which prices for immediate delivery are more expensive than those for later sale, making it uneconomical for traders to buy and store oil.

While the reduction in U.S. inventories supported crude prices, America’s low imports and surging exports were weighing crude down, traders said.

U.S. crude exports jumped to just above 2 million barrels per day (bpd) last week, EIA data showed, close to a record high of 2.1 million hit in October. That helped pull down net imports to below 5 million bpd, the lowest level since the EIA started recording the data in 2001.

U.S. crude oil production was virtually unchanged last week at 10.27 million bpd, close to the levels of top producer Russia and more than Saudi Arabia, the world’s biggest oil exporter, currently pumps.

Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger
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Business News

Business News

Organizers of the Tripoli International Fair, through the Libyan embassy in London representing the internationally recognized Faiez Serraj-led Presidency Council and its Government of National Accord, have invited British companies to attend and participate in this year’s event.

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Libya herald
The 2018 Tripoli International Fair will be the 46th annual edition and will take place from 2-12 April at the Tripoli International Fairground in the capital Tripoli.

The invitation was directed to British companies through the Libyan British Business Council (LBBC).

It is not clear that British companies will participate – even if they wished to – as the British government still advises against travel to Libya. He LBBC will not be organizing an official delegation to the event.

Fair organizers have so far listed BMW, Alitalia, Toyota and Turkish furniture company Istikbal as participants and sponsors.

For further details contact:

Tripoli International Fair,
Omar El Mokhtar street,
Tripoli &ndash; Libya.
Tel.Fax: +218 21335511/9

info@libyafairs.com

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Oil & Gas News
Released:  21/02/20182018-02-21
Word count:  363

SINGAPORE (Reuters) - Oil prices fell on Wednesday, weighed down by a rebound in the U.S. dollar from three-year lows hit last week and an expected rise in U.S. oil production.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $61.07 a barrel at 0446 GMT, down 72 cents, or 1.2 percent, from their last settlement.

Brent crude futures fell 60 cents, or 0.9 percent, from their last close to $64.65 per barrel.

Wang Tao, Reuters technical commodity analyst, said Brent could fall into a range of $63.92 to $64.41 per barrel, as suggested by its wave pattern and a projection analysis.

Traders said the declines were driven by a recovery in the dollar, which potentially hits fuel demand as it makes greenback-denominated oil imports more expensive for countries using other currencies.

The dollar index, which measures the greenback against a basket of six major currencies, rose for a second day on Wednesday, moving further away from the three-year lows reached last week.

“The U.S. dollar continues to find firmer footing,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Also pressuring prices is surging U.S. production, now the world’s second-largest oil stream at more than 10 million barrels per day (bpd), only slightly behind Russia and ahead of top exporter Saudi Arabia.

“Bulging U.S. production will weigh on prices,” said Singapore-based Phillip Futures in a note on Wednesday.

The next set of weekly U.S. oil production data is due to be published by the Energy Information Administration (EIA) on Thursday after a one-day delay because of the President’s Day holiday on Monday.

That data will also include U.S. inventory figures that are expected to show crude oil stockpiles rose 1.3 million barrels in the week to Feb. 16, according to a Reuters poll. Oil product stockpiles, including gasoline and distillate fuels, are all expected to decline.

Despite the rising U.S. output, overall oil markets remain well supported due to healthy demand growth and supply restraint by the Organization of the Petroleum Exporting Countries (OPEC) that started last year to draw down excess global inventories.

“A roughly balanced market is anticipated in calendar year 2018, with the risks around that view tilted toward surplus,” mining and energy giant BHP said in its economic and commodity outlook for the year, published this week.

Reporting by Henning Gloystein; Editing by Christian Schmollinger and Tom Hogue
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Ibtikar, the first Libyan social innovation competition specifically for women was held for three days between 13th-15th February in Tripoli.

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Libya herald
The competition involved the participation of 16 young women aged 18-25 in learning how to use technological tools and design thinking techniques to find solutions for social problems.

The competition is part of REACH, a digital inclusivity project that aims to promote gender equality, empowerment and social and economic development in the country through equipping women with ICT skills to bridge the Libyan entrepreneurial gender gap.

Speaking about the importance of these initiatives, Hala Bughaghis, Director of Jusoor, said “We cannot afford to leave Libyan women behind and we must take urgent action to bridge the digital gender gap and work on shaping an inclusive digital future for Libya”.

During the 3 days the participants learned the benefit of using technology to build their projects in addition to creating products that are more inclusive of everyone in Libyan society.

“We are committed to supporting Libyan women’s advancement, to help them participate and to take advantage of their full role in building a Libyan future. And technology is a vital tool to assist in this” said Khadeja Ramali, Project Silphium Co-founder.

Four projects competed in the competition, three of them were projects designed to solve problems related to the health sector. The competition was judged by a group of technically qualified and experienced judges. The Smart Pharmacy project won the competition, but all participants had great entries and they were committed to pursue working on developing their projects.

Reach project is still ongoing and will host other similar events. Activities include working closely with competition participants to develop their project concepts. In addition, the project will help build a friendly and supportive community that will assist these women in having a bigger role in social entrepreneurship on the Libyan scene.

The event was hosted by Libyan NGOs Jusoor Center for Studies and Development collaborating with Elham company and Project Silphium. Sponsorship was generously provided by MEDA Libya.
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Business News

Harouge Oil Operations, a joint operating company on behalf of National Oil Operation, Libya and Suncor Oil (North Africa) GmbH, announces an invitation to participate in tender No (4/2018) for national Companies and foreign registered companies which have the required Legal and valid License documents.

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NOC

Summary of the Work:

 

  • Amal power gen control system upgrade which include the followings:
    • cover engineering, detail design, supply of materials and equipment, installation, testing, commissioning, training of HOO personnel and (1) year warranty services.
    • Complete replacement of existing control system for the gas turbine GT1 and GT2 with DCS control system.
    • Upgrade of existing ABB master family control system of the gas turbine GT3.
    • Engineering and implementation of GT3 balance of power plant control system upgrade.
    • Replacement of specific field equipment like the control valve transmitters, igniters, vibration monitoring, flame detection, DC power supplies, UPS (AC) power supplies, and supply spare parts for (2) years.

 

To all National Companiesthat are specialized in this field, and foreign companieswhich are specialized and registered in Libya, and wish to participate in this tender who are technically capable to executing this tender, should send an approved representative to collect the tender package.

Note that the date for collection of the tender package commences on Monday 05/03/2018 until Thursday 07/03/2018 from (9:30) am to (11:30) am.

 The Collection of the package is from Tender Committee office, 6th floor at the company head office in Tripoli. The package will be issued according to the following criteria:

 

  1. All companies that wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company&rsquo;s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to:

tender.sec-committee@harouge.com

 

  1. Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.
  2. Provide a copy of the following legal documents :
    • Valid license compatible with the required work.
    • Commercial Registration
    • Certificate of Registration in Chamber of Commerce.
    • Payment of tax certificate
    • Article of association.
    •  Previous experience in similar work.
    •  
    • Paying value of (2000L.D) Two thousand Libyan dinars cash or by a certified check which is nonrefundable, issued by a Libyan bank in favor of Harouge Oil Operations.

 

  1. In case of no  queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder&rsquo;s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.
  2. Bid bond with a value of (25,000.00LD) Twenty Five Thousand Libyan Dinars submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations or by bank guarantee letter available for (6) months from the date of submitting the offer, and shall be issued by one of the worldwide first class banks in favor of Harouge Oil Operations.

 

Notes:Any company or contractor interested in participating in this tender is responsible for all costs involved.
 

If you have any questions please contact the Tender Committee via:

 fax no :+218- 21- 3330090

 Email to: sac@harouge.com

tender.sec-committee@harouge.com 

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Business News
Released:  16/02/20182018-02-16
Word count:  89

Over 1,000 Friesian bulls will be exported to Libya next week under a contract arranged by Supreme Livestock – a Co. Louth based exporter.

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Agriland
The company has confirmed to AgriLand that a livestock carrier will dock later next week to carry the bulls to their destination.

Speaking to AgriLand, Patsy McCabe – owner of Supreme Livestock – outlined that they are in the final stages of securing Friesian bulls to complete the consignment.

He said: “We are looking for approximately 1,200 black and white Friesian bulls. We’re also looking for some breeding stock and in-calf heifers for the shipment.”

Last year, some 1,830 Irish cattle were exported to Libya; down from the 2,162 shipped the year previous.
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Oil & Gas News

Oil & Gas News
Released:  15/02/20182018-02-15
Word count:  354

SINGAPORE (Reuters) - Oil prices rose more than 1 percent on Thursday to extend gains from the previous session, lifted by a weak dollar and Saudi comments that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were up 84 cents, or 1.4 percent, from their last settlement at $61.44 a barrel at 0604 GMT, adding to a 2.4-percent gain from the day before.

Brent crude futures were at $65.05 per barrel, up 69 cents, or 1.1 percent, extending Wednesday’s 2.6-percent climb.

Prices rose on the back of ongoing weakness in the U.S. dollar against other leading currencies, further supported by rising stock markets, traders said.

A weaker greenback potentially stokes consumption of dollar-denominated commodities as it makes fuel and raw materials cheaper for countries using other currencies.

“On commodity markets, everyone loves a lower U.S. dollar,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

More fundamentally, oil markets got a push from comments by Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), voicing support for output cuts backed by OPEC and other producers including Russia since 2017 in an effort to tighten the market and prop up prices.

“If we have to err on over-balancing the market a little bit, so be it,” Saudi Energy Minister Khalid al-Falih said on Wednesday. “I think we are going to be sticking with our policy (to withhold production) throughout 2018.”

Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore, said “the Saudi signal is reasonably convincing, suggesting OPEC and their partners are committed to maintaining an absolute floor on oil prices”.

Threatening to undermine the OPEC-led effort to tighten markets is soaring production in the United States, which is not participating in the pact to cut.

U.S. crude oil production rose to a fresh record of 10.27 million barrels per day (bpd), more than top exporter Saudi Arabia pumps and within reach of No.1 producer Russia.

Consequently, U.S. crude inventories rose by 1.8 million barrels in the week to Feb. 9, to 422.1 million barrels, the Energy Information Administration said on Wednesday.

“Although we remain positive on crude oil prices until year-end, an interim correction into 1Q18 cannot be ruled out,” said Barnabas Gan, economist at OCBC Bank in Singapore.

Reporting by Henning GloysteinEditing by Richard Pullin and Joseph Radford
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Business News

Business News
Released:  14/02/20182018-02-14
Word count:  756

Harouge Oil Operations, a joint operating company on behalf of National Oil Operation, Libya and Suncor Oil (North Africa) GmbH, announces an invitation to participate in tender No (3/2018) for Companies which have the required Legal and valid License documents.

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NOC

Summary of the Work:

  • Supply of (4) no. shelters for Amal warehouse as following:
  • 2no.shelters for chemical material used at field.
  • 2no.shelters for storing drilling material.
  • The appendices and specification attached to this contract and specified by reference show complete details of the work to be carried out under this contract. The said appendices,schedule,exhibits and designs shall constitute an integral part of the complete contract.

To all National Companies that are specialized in this field, and foreign companies which are specialized and registered in Libya. And wish to participate in this tenders who are technically capable to executing this tender, should send an approved representative to collect the tender package.

 

Note that the date for collection of the tender package commences on Monday 05/03/2018 until Wednesday 07/03/2018 from (9:30) am to (11:30) am.

 

The Collection of the package is from Tender Committee office, 6th floor at the company head office in Tripoli. The package will be issued according to the following criteria:

 

  1. All companies that wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to: tender.sec-committee@harouge.com
  2. Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.
  3. Provide a copy of the following legal documents :
    • Valid license compatible with the required work.
    • Commercial Registration
    • Certificate of Registration in Chamber of Commerce.
    • Payment of tax certificate
    • Article of association.
    •  Previous experience in similar work.
    •  
    •  
    • Paying value of (500LD) (five hundred Libyan dinars) cash or by a certified check which is nonrefundable, issued by a Libyan bank in favor of Harouge Oil Operations.
    • In case of no  queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.

 

  1. Bid bond with a value of (6,000LD) (six thousands   Libyan Dinars) submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations or by bank guarantee letter available for (6) months from the date of submitting the offer, and shall be issued by one of the worldwide first class banks in favor of Harouge Oil Operations.

 

Notes:Any company or contractor interested in participating in this tender is responsible for all costs involved.
 

If you have any questions please contact the Tender Committee via:

 fax no :+218- 21- 3330090

 Email to: sac@harouge.com

tender.sec-committee@harouge.com 

Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News

Harouge Oil Operations, a joint operating company on behalf of National Oil Operation, Libya and Suncor Oil (North Africa) GmbH, announces an invitation to participate in tender No (2/2018) for Companies which have the required Legal and valid License documents.

Play
NOC

Brief Description Of The Project:

1.Location of the Work

&middot;RAS LANUF

2.General Description of the Work

 

&middot;   CONTRACTOR is required to perform all assigned work, inspection, repair and maintenance and return the tank to service in a safe, according to the API 575 and API 653.

 

Work Summary:

 

The scope of work is to fully detail all requirements for tank repair, inspection, engineering design, procurement, fabrication, erection and testing works as instructed by COMPANY and in accordance with the project drawings and specifications attached with the tender for the repair and PM of tank no. 5,comprising a 500,000 US bbl floating roof tank.

To all National Companies that are specialized in this field, and foreign companies which are specialized and registered in Libya, and wish to participate in this tenders who are technically capable to executing this tender, should send an approved representative to collect the tender package.

Note that the date for collection of the tender package commences on Monday 05/03/2018 until Wednesday 07/03/2018 from (9:30) am to (11:30)am.

The Collection of the package is from Tender Committee office, 6th floor at the company head office in Tripoli. The package will be issued according to the following criteria:

1.    Send Official letter before the date of collecting the ITT package addressed to HOO Company&rsquo;s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to

tender.sec-committee@harouge.com

2.    Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.

3.    Provide a copy of the following legal documents :

&middot;Valid license compatible with the required work.

&middot;Commercial Registration

&middot;Certificate of Registration in Chamber of Commerce.

&middot;Payment of tax certificate

&middot;Article of association.

&middot; Previous experience in similar work.

 

4.    Paying value of (2500 LD) Two Thousand and Five Hundred Libyan dinars cash or by a certified check which is nonrefundable, issued by a Libyan bank in favor of Harouge Oil Operations.

5.    In case of no  queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder&rsquo;s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.

6.    Bid bond with a value of (30,000) Thirty Thousand  Libyan Dinars submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations or by bank guarantee letter available for (6) months from the date of submitting the offer, and shall be issued by one of the worldwide first class banks in favor of Harouge Oil Operations.

Notes:Any company or contractor interested in participating in this tender is responsible for all costs involved.

If you have any questions please contact the Tender Committee via:

 fax no :+218- 21- 3330090

 Email to: sac@harouge.com

tender.sec-committee@harouge.com

Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  12/02/20182018-02-12
Word count:  299

SINGAPORE (Reuters) - Oil prices rose by 1 percent on Monday, recovering at least some of last week’s steep losses as Asian stock markets found their footing after days of chaotic trading.

Play
Reuters
Looming over oil markets, however, was rising production in the United States which is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten markets and prop up prices.

Brent crude futures were at $63.42 per barrel at 0250 GMT, up 63 cents, or 1 percent, from the previous close.

U.S. West Texas Intermediate (WTI) crude futures were at $59.83 a barrel. That was up 63 cents, or 1.1 percent, from their last settlement.

The firmer prices came after crude registered its biggest loss in two years last week as stock markets slumped.

But with U.S. stock markets rebounding on Friday and Asian markets seemingly steadying on Monday, analysts said crude was also supported.

“The bounce in U.S. stocks means some catch-up is possible (for oil),” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

McKenna said markets on Monday were quiet as “the incentive for traders in Australia or Asia to do anything without the lead of the U.S. is likely to be lacking,” referring to recent U.S. stock market volatility.

It is also a holiday in Japan.

But oil markets still face soaring U.S. oil production, which has risen above 10 million barrels per day (bpd), overtaking top exporter Saudi Arabia and coming within reach of top producer Russia.

There is a strong indication that output will rise further.

U.S. energy companies added 26 oil rigs looking for new production this week, boosting the count to 791, the highest since April 2015, General Electric’s Hughes energy services said on Friday.

The soaring U.S. output is undermining efforts led by OPEC and Russia to withhold production in order to push up prices.

The cuts started in 2017 and are set to last through 2018.

Reporting by Henning Gloystein; editing by Richard Pullin
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  09/02/20182018-02-09
Word count:  344

Total production is close to 1 million barrels per day, according to one set of data, which would be a five-year high.

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UPI


Feb. 8 (UPI) -- Total oil production from Libya in January was close to 1 million barrels per day on average for its highest level in more than five years, industry data show.

Libyan oil production had faltered in the years since the downfall of the regime of Moammar Gadhafi in 2011, nearly grinding to a halt as a result of simmering civil conflict. Economists at the Organization of Petroleum Exporting Countries, of which Libya is a member, reported production last year averaged 817,000 barrels per day, far less than its pre-Gadhafi levels of around 1.5 million bpd.

Market fundamentals and data reporting group Genscape said its monitoring found Libya produced about 1.08 million bpd in January, the country's highest level since July 2013.

"Based on radiant heat signatures, the fields appeared to operate relatively consistently, which has historically been a struggle for Libya," the group reported.

German energy company Wintershall last month was able to restart production from the C96 license area, part of the As-Sarah field, which the government said was closed illegally. Production was closed in November following pressure from a municipality that complained the national oil company wasn't meeting local demands.

Genscape's estimate from Libya is slightly less than that reported by commodity pricing group S&P Global Platts, which put the level at an average of 980,000 bpd. Nevertheless, that would still represent a recent high and a stark improvement from the average of 390,000 bpd reported by OPEC for Libya in 2016.

Platts reported that Libya is still struggling with national security issues, which earned it an exemption last year from OPEC's effort to balance an oversupplied market with coordinated production cuts. Combined with Nigeria, also exempt last year and producing around 1.9 million bpd in January, the two countries agreed this year to a cap of 2.8 million bpd.

In January, the head of Libya's National Oil Corp., Mustafa Sanalla, said production was linked to the nation's recovery.

"NOC is the foundation from which Libya can be regenerated," he said in a statement. "And if NOC is lost, Libya will take a long time to be put back together."
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  08/02/20182018-02-08
Word count:  393

SINGAPORE (Reuters) - Oil prices eased on Thursday, taking Brent crude to a 2018 low, as soaring U.S. output undermined OPEC efforts to tighten markets, although a North Sea pipeline outage and record Chinese imports offered support.

Play
Reuters
Brent crude futures were at $65.39 per barrel at 0525 GMT, down 12 cents, or 0.2 percent, from the previous close. Brent slipped to its lowest for the year at $65.12 a barrel early in the session.

U.S. West Texas Intermediate (WTI) crude futures were at $61.60 a barrel. That was down 19 cents, or 0.3 percent, from the last settlement, though still some way off its $60.10 2018 low on Jan. 2.

“Brent has now turned negative for 2018 while WTI isn’t looking great either,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

The dips follow bigger falls on Wednesday, when crude touched one-month lows and erased much of 2018’s early gains.

Some support on Thursday came from the second outage in as many months on the 450,000 barrels per day (bpd) Forties pipeline network, Britain’s biggest, which supplies much of the crude underpinning Brent futures, as well as record Chinese January imports of 9.57 million bpd.

But the biggest market driver was U.S. production. What’s long been expected is now official: U.S. crude oil output averaged above 10 million bpd for the first time since the early 1970s last week, reaching 10.25 million bpd. [ RUNAWAY PRODUCTION

Until the early 2000s, the United States was oil starved, importing a peak of 12 million bpd.

But in one of the steepest rises of any oil producer in modern history, U.S. output has surged by more than 20 percent since mid-2016, undermining OPEC’s and Russia’s efforts to tighten the market and prop up prices by withholding production.

At 10.25 million bpd, U.S. output is now higher than the previous 10.044 million bpd record from back in 1970.

It’s above that of top exporter Saudi Arabia’s and within reach of Russia‘s.

“What surprised the most was the large spike in oil production to 10.25 million barrels per day which was significantly higher than 9.92 million from the previous week,” Razaqzada said.

“Clearly, the data points to an imbalanced market and oil prices have responded by turning sharply lower,” he added.

Weighing further on prices, U.S. commercial crude stocks rose by 1.9 million barrels in the week to Feb. 2, to 420.25 million barrels.

The U.S. Energy Information Administration (EIA) this week also upped its 2018 average output forecast to 10.59 million bpd, up by a whopping 320,000 bpd from its last forecast just a week earlier.

Reporting by Henning Gloystein; editing by Joseph Radford and 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 Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the 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.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News
Released:  07/02/20182018-02-07
Word count:  225

(Lana) Governor of Central Bank of Libya, Al sadiq Al Kabier opened Saturday a workshop on economic and financial reform in Libya.

Play
LANA - Libya news agency
In his opening address, the governor said Central Bank of Libya in partnership with the Presidency Council laid down a package of reforms and policies to remedy deformities of the Libyan economy. He also noted the remarkable increase of the state revenues for 2017, exceeding 13 billion dollars.

In the context of the workshop, he said the Central Bank relies on Libyan university professors and youth for partnership for the success of salvaging the economy and addressing the impact of the financial crisis which swept the country during the past era, stressing that the bank is pressing ahead with the economic reform.

The Governor called on all Libyan institutions to work together to end obstacles before the economic and financial reform which has become a pressing necessity and foremost the end of political divisions and their consequent security breaches and other negative consequences.

He expressed hope that this year would witness genuine launch of economic and financial reforms and remarkable improvement to alleviate the brunt of the crisis.

The workshop included three sessions during which scholarly papers were presented and expected to end up with recommendations to be presented to the relevant authorities concerned with the reform programme.

The workshop was attended by several members of the House of Representatives, High State Council, Presidency Council ministers, dean of Libyan faculties and universities and their teaching staff.

=Lana=
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 Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the 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.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  02/02/20182018-02-02
Word count:  216

TOKYO (Reuters) - Oil rose for a third day on Friday after a survey showed strong compliance with output cuts by OPEC and others including Russia, offsetting concerns about surging U.S. production.

Play
Reuters
Brent futures, the global benchmark, were up 24 cents, or 0.3 percent, at $69.89 a barrel by 0635 GMT.

U.S. West Texas Intermediate (WTI) crude was up 33 cents, or 0.5 percent, at $66.13 a barrel.

Production by the Organization of the Petroleum Exporting Countries (OPEC) rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey showed. [OPEC/O]

OPEC pumped 32.4 million barrels per day (bpd) in January, the survey found, up 100,000 bpd from December. Last month’s total was revised down by 110,000 bpd to the lowest since April 2017.

Even so, adherence by producers included in the deal to curb supply rose to 138 percent from 137 percent in December, the survey found, suggesting commitment is not wavering even as oil prices hit their highest level since 2014.

“It underscores the commitment of the cartel, and their Russian partners, to keep a floor under the oil price,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

That is drawing investors’ focus away from the rise in U.S. production.

U.S. crude output surpassed 10 million bpd in November for the first time since 1970, the Energy Information Administration said this week.

Additional reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
Comments:

We can deliver Financial service/instruments(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. We understand that finding the right company to provide financial instrument is not easy. We are certified financial company that delivers banking instrument for lease which we adhere to our terms and condition. Over 96% of our clients are satisfied with our work whether it is business or financial service.

Once transaction is in progress, we ensure we keep you posted on the progress of your paper. We also get you connected to the provider for personalized service. Instead of stressing yourself out looking for financial instrument or company why not let professional like us deliver financial instrument to you within the time frame required by you.

For further details contact us with the below information....

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SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News

SIRTE OIL COMPANY for Production, Manufacturing of Oil & Gas announces bidding of the following project:

Play
NOC

 

Project Title  &Description  

Project No.

T.D. Fees

(Libyan Dinars)

Last day for bid submission

Before

12:00 PM

1

Roof Replacement & Renovation of Facilities Maintenance Workshop:

The work shall include; Complete replacement of roof and sliding sheeting, Repair of tool room & wash room, and Modify conference room. (As per details mentioned in the scope of work).

 

MP-1365

2,000

 

 

Sunday, 25th March,

2018

 

 

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 purchase tender document (s) at non-refundable indicated fees against the project, payment by Cash or certified cheque. The following documents are required:-

  • A copy of the Company&rsquo;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 Copy of the Authorization given by the Ministry for Economy and Trade to carry out Business in Libya (for Foreign Companies Only).
  • A Prove of Ability & Experience to carry out the required work.

 -Tender documents can be purchased weekdays (Sunday-Thursday) during working hours, (10:00 to 12:00 Libya Time) as from:

 Sunday January 28th, 2018   until Sunday February 11th, 2018.

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

 

Direct phone & fax 00218- 064-7623113   

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

Or Contact us on 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&rsquo;s official stamp. The project title & project reference number 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).

-A certified cheque (Bid Bond) issued by a known bank operating in Libya, worth (0.5%) of bid price must be also submitted in a separate sealed envelope. Bid offers not containing certified cheqes will be rejected. Cheques will be cancelled and returned to unsuccessful bidders, after award of the bid.

-Winner of the bid must submit a certified cheque worth 10% of contract price agreed to, as a final insurance, within 10 days of notification of contract award and will be returned to the contractor after one year of completing the project. The initial (0.5%) cheque will be cancelled and returned to bidder.

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

-Companies interested in purchasing 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. 

Comments:

We can deliver Financial service/instruments(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. We understand that finding the right company to provide financial instrument is not easy. We are certified financial company that delivers banking instrument for lease which we adhere to our terms and condition. Over 96% of our clients are satisfied with our work whether it is business or financial service.

Once transaction is in progress, we ensure we keep you posted on the progress of your paper. We also get you connected to the provider for personalized service. Instead of stressing yourself out looking for financial instrument or company why not let professional like us deliver financial instrument to you within the time frame required by you.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News
Released:  31/01/20182018-01-31
Word count:  118

After pressure from the National Oil Corporation and the Office of Public Prosecutor, the municipality of Jikharra has decided to reopen oil fields in its area shut at the beginning of November 2017.

Play
NOC
The unauthorized shut-down by operator Wintershall of the Sara fields in its NC-96 concession resulted in the loss of 4,400,000 barrels of production at a cost to the Libyan economy of $281,479,385.

The suspension of production by the company was done without the approval of the NOC as stipulated in the interim operating agreement between the parties.

“The restart is a humiliating setback for the parallel structure and for its campaign to shut down Libyan production in the Wahat region and beyond,” said NOC chairman Mustafa Sanalla.

“The Public Prosecutor will continue to investigate this crime. The perpetrators and others considering using the tactic should remember this is a very serious offence for which there is no statute of limitations."
Comments:

We can deliver Financial service/instruments(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. We understand that finding the right company to provide financial instrument is not easy. We are certified financial company that delivers banking instrument for lease which we adhere to our terms and condition. Over 96% of our clients are satisfied with our work whether it is business or financial service.

Once transaction is in progress, we ensure we keep you posted on the progress of your paper. We also get you connected to the provider for personalized service. Instead of stressing yourself out looking for financial instrument or company why not let professional like us deliver financial instrument to you within the time frame required by you.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News
Released:  30/01/20182018-01-30
Word count:  167

Afriqiyah is seeking the return of its two A320-200s currently leased out to Lithuanian ACMI/charter specialist Small Planet Airlines, reports ch-aviation.

Play
Arabian aerospace
5A-ONL, now LY-ONL, were dry-leased out to Small Planet in early 2015 to allow the Libyan carrier to continue service to the European Union (EU). When direct flights to the bloc were banned following the outbreak of the Second Libyan Civil War in 2014, the aircraft were kept with Small Planet Airlines.

The Libyan Ministry of Foreign Affairs of the Government of the Reconciliation Agreement has notified the Lithuanian Permanent Mission to the United Nations of Afriqiyah's intention to take back possession of the aircraft.

"Afriqiyah Airlines is no longer interested in renewing the lease for the above-mentioned aircraft, which ended in October 2017," said a report in a Libyan newspaper. "It, therefore, hopes to facilitate the return of the two aircraft to Libya and to cancel their registration with the Lithuanian Civil Aviation Authority."

The Libyans are asking Small Planet to pay the financial entitlements to which it is due in accordance with the contract between the parties. The funds are to be deposited into an account in Italy.
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Business News

Business News
Released:  29/01/20182018-01-29
Word count:  130

The first ever Libyan Robotic Championship was announced this weekend. Details are still sketch, but the event will involve Libyan participants building their own moving robots to compete for a championship prize.

Play
Libya herald
It is presumed that the competition will be based on the lines of the famous British TV series Robot Wars.

Organizers have announced three categories for the competition:

The first is in the ‘’ball collection’’ category where robots must try to collect as many balls as possible within a set time.

The second is the ‘‘Sumo’’ where robots must try to push each other out of a certain area. The final category is what the organizers called the ‘’line following challenge’’, where robots must follow a predetermined line.

The organizers said that the event is aimed at encouraging free engineering and technical thinking in creativity by youth in a competitive atmosphere.

The event is organized by Libyan NGO Hexa Connection.

Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Oil & Gas News

Oil & Gas News
Released:  26/01/20182018-01-26
Word count:  393

SINGAPORE (Reuters) - Oil prices reversed earlier falls on Friday as ongoing weakness in the U.S. dollar was seen supporting fuel consumption.

Play
Reuters
Brent crude futures were at $70.40 per barrel at 0756 GMT, down 3 cents from their last close, after dropping as low as $70.07 earlier in the day.

U.S. West Texas Intermediate (WTI) crude futures were at $65.52 a barrel, up 1 cent from their previous close, recovering from a session-low of $64.91 a barrel.

Crude oil futures have received support from a weakening dollar, which on Friday hit fresh 2014 lows against a basket of other leading currencies.

As oil is traded in dollars, swings in the greenback can also impact oil demand as it affects the price of fuel purchases for countries using other currencies.

“The weakening of the U.S. dollar against a basket of global currencies ... has positioned 2018 to lead off with strong levels of oil demand,” said BMI Research.

Despite this, crude prices were prevented from further rises by a seasonally weakening demand outlook.

Georgi Slavov, head of research at commodities brokerage Marex Spectron, said despite a generally healthy outlook for oil demand, there were short-term headwinds due to the upcoming end of the peak-demand period during the northern hemisphere winter season.

Many refiners shut down after winter for maintenance, resulting in lower orders for crude, their most important feedstock.

“Demand is starting to weaken as ... refining capacity was taken out of the market,” Slavov said.

U.S. bank Jefferies said “a fairly heavy maintenance season” was starting in the United States, adding there was also upcoming “scheduled maintenance in the Middle East (including the 400,000 barrels per day Aramco Jubail refinery).”

This is reflecting in oil inventories.

“Global oil stocks built overall in the week ending Jan. 19, as both crude and product stocks saw small builds,” U.S. bank Morgan Stanley said.

On the supply side, U.S. oil production is expected to hit 10 million bpd soon, after reaching 9.88 million bpd last week.

Output has grown by more than 17 percent since mid-2016 and is now on par with top exporter Saudi Arabia‘s.

Only Russia produces more, averaging 10.98 million bpd in 2017.

Rising U.S. output threatens to undermine the supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, aimed at propping up prices.

The cuts, coupled with demand growth, have contributed to a near 60 percent rise in oil prices since mid-2017 as excess crude inventories have been drawn down.

Reporting by Henning Gloystein; Editing by Joseph Radford and Christian Schmollinger
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago
Find out what contracts are on offer in Libya
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