Sanalla and Algerian FM agree on need to protect Libyan oil resources

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Oil & Gas News

Oil & Gas News
Released:  12/06/20172017-06-12
Word count:  370

Oil prices rose on Monday as futures traders bet the market may have bottomed after a recent steep fall, even as physical markets remain bloated by oversupply, especially from a relentless rise in U.S. drilling.

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Reuters
Brent crude futures were trading at $48.41 per barrel at 0246 GMT, up 26 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.07 per barrel, up 24 cents, or 0.5 percent.

Traders said that the price rises came on the back of speculative traders upping their investment into crude futures, by taking on large volumes of long positions, which would profit from a further price rise.

The rise in new long positions comes after Brent and WTI crude futures have fallen by around 10 percent below their opening levels on May 25, when an OPEC-led policy to cut oil output was extended to cover the first quarter of 2018 instead of expiring this June.

"Wall Street's oil bulls have reset for a technical bounce," said Stephen Schork, author of the Schork Report, which specialises in oil and gas market analysis.

While the financial market seems to have some confidence that prices may have bottomed out, the physical market remains bloated, especially due to a rise in U.S. drilling for new oil production.

U.S. energy firms added eight oil rigs in the week to June 9 , bringing the total count up to 741, the most since April 2015, energy services firm Baker Hughes Inc (BHI.N) said on Friday.

This ongoing drive to find new oil has driven up U.S. output by more than 10 percent since mid-2016, to over 9.3 million bpd, a figure the U.S. Energy Information Administration (EIA) says will likely rise above 10 million bpd by next year, challenging top exporter Saudi Arabia.

Soaring U.S. output threatens to undermine an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut almost 1.8 million bpd of production until the first quarter of 2018 in order to tighten markets and prop up prices.

Despite this, Russian energy minister Alexander Novak said on Sunday said on Sunday there was no need to review the agreement on reducing oil output as it was too early to make any decisions.

Russia, not a member of OPEC, is the world's biggest oil producer but it is participating in the production cuts. Saudi energy minister Khalid Al-Falih made similar statements over the weekend.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)  
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Business News
Released:  09/06/20172017-06-09
Word count:  208

Libya's major Sharara oil field has reopened after a workers' protest and should return to normal production within three days, the National Oil Corporation said in a statement early on Friday.

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Reuters
Sharara had been producing nearly 270,000 barrels per day (bpd) before employees went on strike on Wednesday over a lack of medical treatment for a colleague who died in a swimming pool accident at the field.

The announcement that production was restarting at Sharara followed an emergency meeting of the NOC board and Sharara's operating company, in which NOC Chairman Mustafa Sanalla ordered a review of ambulance services and an upgrading of medical provisions for employees, according to an earlier NOC statement.

He also met municipal and medical officials as well as civil society activists from the nearby city of Ubari, the NOC said. Sharara was producing nearly a third of Libya's national output of 835,000 bpd earlier this week.

The southwestern field reopened in December after a two-year pipeline blockade was lifted, but there have been temporary shutdowns several times since then because of local protests.

The field is operated by the NOC in partnership with Repsol, Total, OMV and Statoil.

Libya is trying to boost production to 1.25 million bpd before the end of the year. The OPEC member produced more than 1.6 million bpd before Libya's 2011 revolution, but since then output has been crippled by protests, political divisions and armed conflict.

(Reporting by Aidan Lewis; Editing by Leslie Adler)
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Oil & Gas News
Released:  09/06/20172017-06-09
Word count:  362

Oil prices resumed a downtrend on Friday following steep falls earlier in the week, pressured by widespread evidence of a fuel glut despite efforts led by OPEC to tighten the market.

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Reuters
Brent crude oil LCOc1 was down 20 cents at $47.66 a barrel by 0820 GMT, around 12 percent below its opening level on May 25, when an OPEC promise to restrict production was extended into 2018. U.S. light crude CLc1 was 20 cents lower at $45.44.

The Organization of the Petroleum Exporting Countries and other big producers have agreed to pump almost 1.8 million barrels per day (bpd) less than they supplied at the end of last year, and hold output there until the first quarter of 2018.

But world markets are still awash with oil.

"The challenge OPEC is facing is bigger than anyone thought a few weeks ago," said Tamas Varga, analyst at London brokerage PVM Oil Associates.

U.S. data this week showed a surprise 3.3-million-barrel build in commercial crude oil stocks to 513.2 million.

Inventories of refined products were also up, despite the start of the peak-demand summer season.

"Crude oil prices are testing lows last seen in (the fourth quarter of) 2016," analysts at U.S. bank Jefferies wrote, pointing to the United States as the main pressure on prices.

U.S. refined oil product inventories are now back above 2016 levels and well above their five-year range, reflecting an unexpected slowdown in U.S. demand for gasoline and distillate fuels, Jefferies said.

Asian markets are also oversupplied, with traders putting excess crude into floating storage, an indicator of a glut.

The Brent forward curve shows a clear "contango" shape, with oil for use now at deep discounts to future prices.

Brent for January 2018 is worth around $1.50 a barrel more than Brent for August 2017 <0#LCO:>, making it profitable for some traders to put oil into tankers and wait for a later sale.

Thomson Reuters Eikon shipping figures show at least 25 supertankers sitting in the Strait of Malacca and the Singapore Strait, holding unsold fuel.

That's similar amounts to May and April, indicating that even in Asia, with its strong demand growth, traders are struggling to clear inventories.

And more production is coming. Libya's 270,000-bpd Sharara oilfield has reopened after a workers' protest and should return to normal production within three days, the National Oil Corp said on Friday.

(Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson)
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Business News
Released:  09/06/20172017-06-09
Word count:  142

The Arabian Gulf Oil Company is to restart regular flights from Benghazi’s Benina airport to its oilfields, the head of its transport department announced today.

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Libya herald
Other oil company flights will also resume.

The move, after a three-year stoppage, followed talks between AGOCO and the head of the Civil Aviation Authority.

According to an airport official , there is still some last minute details to deal with, but he told the Libya Herald that he exepcted that oil flights would start after Eid.

A month ago, permission was given to restart air ambulance, humanitarian, VIP and general cargo flights but not commercial or general passenger flights. Cargo services have resumed and there has been the occasional commercial flight, but that has been due to flights being diverted there because of poor weather conditions at Labraq.

Although the airport has had a complete makeover and is fully staffed, it still is waiting baggage scanning equipment – and that is said to be the main reason why commercial flights have not restarted.

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The National Oil Corporation’s (NOC) Brega Marketing Company has announced its intention to increase its business activities.

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Libya herald
The announcement came yesterday at the first meeting of Brega’s recently reformed management board. Brega is a wholly Libyan owned subsidiary of the NOC tasked with the importation and distribution of fuel, lubricants and cooking gas within Libya.

At Sunday’s board meeting, Brega revealed that it has wide strategic expansion plans to start new activities in building and owning refineries both domestically and internationally.

It also announced that it has plans to own petrol stations, fuel transportation fleets as well as overseas investments. Brega also announced that its nation-wide database for its employees’ health system is nearing completion expected to be launched this July.

Brega did not give any in-depth details of its expansion plans nor did it explain how it was planning to finance them. It also did not clarify if these new projects would continue to be wholly state-owned or would involve any partnerships with the Libyan private sector.

It is not clear if Brega will be able to implement its plans in the very short term with Libya’s acute financial crisis. Moreover, such expansion plans would need a clear and strong political mandate and Libyan social contract – something that Libya lacks during its current unending political interim period.

Historically, Brega was set up in 1971 shortly after the onset of the Qaddafi regime to distribute fuel, gas and lubricants domestically. With the deficit of Libya’s domestic refining capacity and the country’s increased fuel consumption, Brega was subsequently mandated in 2009 to import any fuel, gas and lubricant deficit to meet local consumption.

However, it is not clear if an expansion by Brega into refineries and petrol stations would create a duplication of efforts and a conflict of interest with other existing Libyan state entities. It will be recalled that with the establishment of the Libyan African Investment Portfolio and its Tamoil/Oil Libya subsidiaries, (a subsidiary of Libya’s sovereign investment fund, the Libyan Investment Authority (LIA), Libya gained the ownership of refineries and over 1,000 overseas petrol stations. Tamoil/Oil Libya could argue that it is best and better placed to implement any new investments in petrol stations.

From a social contract point of view, it is not clear that the Libyan public is interested in further expanding the state sector and allowing state entities such as Brega to launch new investment projects – at a time when decentralization and the expansion of the private sector are considered the way forward for a post-Qaddafi Libya.

It will be noted that unlike many other Libyan state institutions such as the Libyan Investment Authority (LIA), Central Bank of Libya (CBL), Audit Bureau and the Administrative Control Authority (ACA), Brega, like its parent company the NOC, has been able to remain unified during Libya’s political polarization. Its board and its board meetings represent the whole of Libya.
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Oil & Gas News

Oil & Gas News
Released:  08/06/20172017-06-08
Word count:  351

Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after official data showed that U.S. inventories rose for the first time in 10 weeks, reawakening concerns of a supply glut.

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Reuters
U.S. crude futures CLc1 were up 24 cents, or 0.5 percent, at $45.96 a barrel at 0300 GMT. On Wednesday, they closed down 5.1 percent, or $2.47 a barrel, to the lowest settlement since May 4.

Brent crude prices LCOc1 rose 29 cents, or 0.6 percent, to $48.35 a barrel, after falling 4.1 percent in the previous session, also to the lowest since May 4.

"We are at this stage holding the line nervously near the low levels" of Wednesday's session, said Ben Le Brun, market analyst at OptionsXpress in Sydney.

"The situation is complicated by the fact that we have got all these major political-economic watch events on the horizon," he added, referring former United States Federal Bureau of Investigation Director James Comey's congressional appearance, the European Central Bank's policy meeting and the UK general election, all later on Thursday.

Many investors are wary ahead of Comey's Senate appearance later in the day for any hints that U.S. President Donald Trump may have been engaged in obstruction of justice - an offense that could lead to impeachment hearings.

ECB policymakers are set to take a more benign view of the economy and will even discuss dropping some of their pledges to ramp up stimulus if needed, sources with direct knowledge of the discussions told Reuters. None of those events "are directly related to oil but all of them could have an impact on the dollar and risk attitudes generally," Le Brun said.

In the U.S., stocks of crude oil and gasoline surprisingly rose last week as refinery runs declined and exports fell, official data showed on Wednesday.

Crude inventories USOILC=ECI rose by 3.3 million barrels in the week ended June 2, compared with expectations for a decline of 3.5 million barrels, the Energy Information Administration said.

It was the first increase in 10 weeks and came as refineries eased off from record processing levels reached a week earlier. U.S. refiners are still producing at a very high rate.

The data surprised analysts and undercut a growing view that inventories were finally showing steady progress toward drawing down to seasonal averages.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger)
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2 weeks ago

Business News

Business News
Released:  07/06/20172017-06-07
Word count:  134

Benghazi’s popular shopping venue, Venice Street, devastated during the long battle to wrest it from militants, has been largely rebuilt and will be reopened after Eid.

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Libya herald
After bomb disposal experts had combed the area for unexploded ordinance, the municipality removed barricades, cleared away the detritus of conflict and fixed sewerage and water pipes. GECOL restored power and the local substation.

For the last few months Venice Street has been a big building site as shops, malls and coffee houses were reconstructed. The street will not have been completely restored to its former glory when it is officially reopened at the end of Ramadan.

The reconstruction is a further proof that even though there is still fighting downtown in Suq Al-Hout and Sabri, Benghazi appears determined to get back to normal after four traumatic years of violence.

It is understood that the municipality is pressing the LNA to remove from near Venice Street the 17th Brigade camp and the training barracks.  
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Oil & Gas News

Oil & Gas News
Released:  07/06/20172017-06-07
Word count:  404

Oil prices dipped on Wednesday, with Brent crude futures around $50 per barrel, as fuel markets remained oversupplied, although tension in the Middle East and falling U.S. inventories lent some support.

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Reuters
Brent crude futures were at $50.08 per barrel at 0504 GMT, down 4 cents from their last close. Brent is 7 percent below its open on May 25, when OPEC said they, along with producers outside of the group such as Russia, would extend their oil output cuts through to the first quarter of 2018.

U.S. West Texas Intermediate (WTI) crude futures were at $48.14 per barrel, down 5 cents from the previous close, and 6 percent below their May 25 open.

Traders said an ongoing fuel glut was keeping prices under pressure despite a pledge by Organization of the Petroleum Exporting Countries (OPEC) and other producers to cut almost 1.8 million barrels per day (bpd) of output.

"Disappointed that the oil cartel and Russia could not come up with a bolder plan to reduce the global crude surplus, market participants have been selling into every bounce," said Fawad Razaqzada, analyst at futures brokerage Forex.

World fuel production and consumption is roughly in balance, at almost 98 million bpd, although inventories remain bloated, the U.S. Energy Information Administration (EIA) said on Tuesday.

"Where oil (price) ultimately goes is going to be driven by inventories," said Greg McKenna, strategist at AxiTrader, another futures brokerage.

OPEC's efforts to tighten the market could be undermined by U.S. production, which the EIA said could hit a record 10 million bpd next year, up from 9.3 million bpd now. That would nearly match the output level of top exporter Saudi Arabia.

In the near-term, however, the market was supported by escalating tensions in the Middle East and by signs of a gradual drawdown of bloated U.S. fuel inventories.

A campaign by leading Arab nations, including Saudi Arabia, Egypt and the United Arab Emirates, to isolate Qatar is disrupting trade, including oil.

"Port restrictions on Qatari flagged vessels are going to cause loading disruptions," said Jeffrey Halley, analyst at brokerage OANDA. "That said, the disruptions are seen as inconvenient rather than systematic and thus will maybe only put a floor on crude in the short-term rather than starting a panic rally," he added.

In the United States, crude inventories fell by 8.7 million barrels in the week to May 26, data from the American Petroleum Institute showed late on Tuesday.

Official inventory data from the EIA will be published later on Wednesday.

"Any further sharp reductions in US stocks could put a floor under oil prices in the short-term," said Razaqzada.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger)  
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Oil & Gas News
Released:  06/06/20172017-06-06
Word count:  458

Oil prices bounced around low levels in choppy trading on Tuesday, with Brent crude holding below $50 over concerns that a political rift between Qatar and several Arab states would undermine efforts by OPEC to tighten the market.

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Reuters
Persistent gains in U.S. production also dragged on benchmark crude prices, traders said.

Brent crude was trading at $49.53 per barrel at 0658 GMT, up 6 cents, or 0.1 percent from its last close. However, that is still down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018.

U.S. West Texas Intermediate (WTI) crude was at $47.45, up 5 cents, or 0.1 percent. That is down about 7 percent from the May 25 open.

Leading Arab powers including Saudi Arabia, Egypt, and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.

Steps taken include preventing ships coming from or going to the small peninsular nation to dock at Fujairah, in the UAE, used by Qatari oil and liquefied natural gas (LNG) tankers to take on new shipping fuel.

Analysts said that the current dispute goes much deeper than a similar rift in 2014.

"The measures by the anti-Qatar alliance signal commitment to forcing a complete change in Qatari policy or creating an environment for leadership change in Doha ... Saudi Arabia and its allies will not accept any solution short of (Qatari) capitulation," political risk consultancy Eurasia Group said in a note.

With oil production of about 620,000 barrels per day (bpd), Qatar's crude output ranks as one of the smallest among the Organization of the Petroleum Exporting Countries (OPEC), but tension within the cartel could weaken an agreement to hold back production in order to prop up prices.

Greg McKenna, chief market strategist at futures brokerage AxiTrader, said that the boycott of Qatar meant there was "a real chance" that OPEC solidarity surrounding its production cuts may fracture.

Although Qatar is a small oil producer, other OPEC states could see such an action as a reason to stop restraining their own output, traders said.

Some traders, however, said worries about the impact on oil supplies from the diplomatic spat had been overblown.

"The OPEC agreement stands and is highly unlikely to change because of tension with Qatar. Crude production in the Middle East will not change because of Qatar," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore.

Many traders still see the main reason for low and falling oil prices as bulging supplies from the United States.

U.S. crude production has jumped over 10 percent since mid-2016 to 9.34 million bpd, levels close to top producers Russia and Saudi Arabia. "The relentless increase in U.S. oil production appears to have the market worried that the OPEC cuts will be completely nullified by the increased U.S. production," said William O'Loughlin, analyst at Australia's Rivkin Securities.

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

Business News
Released:  05/06/20172017-06-05
Word count:  402

Oil markets rose more than 1 percent on Monday, pushed up by tensions in the Middle East where top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar, and as signs of falling OPEC supplies tightened the market.

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Reuters
Saudi Arabia as well as the United Arab Emirates, Egypt, and Bahrain cut ties with top liquefied natural gas (LNG) and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability.

"There is not much geopolitical risk premium priced into oil right now (but) if tensions do ratchet higher between the key OPEC producers, like Saudi Arabia, Iran and Iraq, then the market will start paying attention to this," said Virendra Chauhan, an oil analyst at consultants Energy Aspects.

Brent crude oil futures CLc1 rose 67 cents, or 1.3 percent, to $50.62 per barrel by 0544 GMT.

U.S. West Texas Intermediate futures CLc1 were at $48.31 a barrel, up 65 cents, or 1.4 percent.

Chauhan also said that the oil markets were "disconnected from fundamentals" over the past week and have ignored recent "constructive data" that pointed to falling oil inventories.

Saudi Aramco raised the July official selling prices for its Arab Light grade to all major regions of Asia, Northwest Europe, and the United States on Sunday. The price signal reflected other signs that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to curb production by almost 1.8 million barrels per day (bpd) was starting to impact actual supplies.

Shipping data in Thomson Reuters Eikon shows that OPEC tanker supplies to customers around the world were at 24.3 million bpd in May, down from 24.8 million bpd in April and compared with an average of 25.1 million bpd in the first five months of the year.

OPEC shipped an average of 26.4 million bpd in the last three months of 2016.

Despite this, Brent futures are still down about 7 percent from their open on May 25, when OPEC announced it would extend its production cut into 2018. That is because crude production in the United States, which is not participating in the cuts, has jumped by over 10 percent since mid-2016 to 9.34 million bpd, close to levels by top producers Saudi Arabia and Russia.

"Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising U.S. oil production," ANZ bank said on Monday.

The rise in U.S. production has been driven by a record 20th straight weekly rise in oil drilling for new production, with the rig count climbing by 11 in the week to June 2, to 733, the most since April 2015.

(Additional reporting by Roslan Khasawneh; Editing by Richard Pullin and Christian Schmollinger)
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HAROUGE OIL OPERATIONS | An Open Invitation To tender NoTS-C(03/2017) , Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01,Station 6 ,Amal field ,

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NOC

Company announces theHarouge Oil Operation is joint operating company on behalf of National Oil operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender no.TS-C(03/2017) for companies that have the required legal and valid documents.

 

 

BRIEF DESCRIPTION OF THE PROJECT     

                                    I.     Location of the work: AMAL

 

   II.     General Brief Description of the work:     

Cleaning and prepare for inspection of  crude oil wash  tank 01 station 6 at Amal field as specified in the schedule.

The appendices and specification attached to this work order and specified by reference show complete details of the work to be carried out under this contract .the said appendices schedule, exhibits and designs should constitute an integral part of the complete work order.

 

To all specialized companies in this field and wish to participate in this tender who are technically capable to executing this tender, should send an approved reprehensive to collect the tender package.

 

 

NOTEthat the date for collection the tender package commences on.Tuesday ...23../.05. /..2017...until

 

 

Monday 29.../.05../2017 from (9:30) am to (12.00) am.

 

The collection of the package is from tender Committee office ground floor at the company head office in Tripoli. The package will be issued according to the following criteria:

 

1.      Official  letter addressed to HOO company&rsquo;s

Chairman of Tender sub Committee confirming the desire to participate in this Tender.

 

2.      Representative of the interested company shall be authorized to collect the tender package and shall present an official document stamped with a company seal.

 

3.      Provide a copy of the following legal :

&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.

 

 

4.      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 / specification bid package , found it clear from both technical & commercial aspects , therefore in case of any shortages and / or change of specification from HOO original scope/ specification 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.

 

 

5.      Paying value of (200 DL) two hundred Libyan dinars,as the price to buy the tender specifications brochure cash or by a certified check, which is nonrefundable, issued by a Libyan bank in favor of HOO.

 

 

6.      .Bid bond with a value (4000) LD four thousand Libyan diner 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 favour of HOO.

 

 

 

 

 

&middot;         Bids are to be submitted by hand to Harouge Oil Operations, El- Magarab Street, Ghanat Al Arif, Tripoli, Libya, and Attention: Secretary of Tender Sub - committee, ground Floor.

*     Contractor's quotation shall be returned in the form above mentioned on or before middy of    Sunday  11/06/2017

 

&middot;          Said bids are to be signed, completed in ink and presented in a sealed envelope/package. The envelope/package shall be clearly and conspicuously marked - Quotation for

 

Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

Within the sealed envelope/package there shall be three sealed envelopes:

  *Envelope (A) shall contain the technical sections of tender.

*Envelope (B) shall contain the commercial

 

 

 sections of tender without price.

*Envelope (C) shall contain the commercial sections of tender with price

 

 

 

Writes the name of the project on each envelope &ndash;quotationfor

 

 

Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

 

 

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 sub tender committee via :

FAX no. :00218-21-3330081 EXT. 5456.

E mail to:&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.

 

 

Envelope B shall beclearly and conspicuously marked &ndash; &lsquo;Envelope B Commercial without Prices&ndash; Quotation for&ndash;Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

 

 

 

 

Envelope C shall beclearly and conspicuously marked &ndash; &lsquo;Envelope C Commercial with Prices&ndash; Quotation forI

Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

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Business News

Business News
Released:  02/06/20172017-06-02
Word count:  62

June 1 (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Thursday at an economic forum in Russia's St Petersburg:

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Reuters
* Too early to say when production caps could be imposed on Libya and Nigeria, they have a lot of issues to solve;

* On oil price decline: we have no issues with people taking positions in the market, we are focusing on fundamentals;

* Russian Prime Minister Dmitry Medvedev told him Russia was fully committed to complying with output cuts.

(Reporting by Dmitry Zhdannikov)
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Oil & Gas News

Oil & Gas News
Released:  02/06/20172017-06-02
Word count:  414

Oil prices tumbled below $50 on Friday amid worries that U.S. President Donald Trump's decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.

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Reuters
Global benchmark Brent crude futures LCOc1 was down 1.7 percent, or 80 cents, at $49.75 a barrel, as of 0725 GMT.

U.S. West Texas Intermediate crude CLc1 futures dropped 87 cents, or 1.81 percent, to $47.46 per barrel.

Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from U.S. allies.

"This could lead to a drilling free-for-all in the U.S. and also see other signatories waver in their commitments," said Jeffrey Halley, senior market analyst, OANDA.

"This outcome could increase the supply-side equation from the United States and complicate OPEC's forward projections. A scenario that would not be favorable to oil prices."

Surging U.S. production has put a strain on OPEC members' efforts to curb production to drain a global crude supply overhang.

A week ago, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members met in Vienna to roll over an output cut deal to reduce 1.8 million barrels per day (bpd) until the end of next March.

Russian Deputy Prime Minister Arkady Dvorkovich said on Friday he did not think that the global output cut agreement would be altered should prices go lower.

Russia's Rosneft CEO Igor Sechin also said the market cannot stabilize unless all producers cut output.

Oil prices are down some 7.5 percent since OPEC's May 25 decision to extend the cuts. Faced with lingering glut woes, the oil cartel also discussed last week reducing output by a further 1 to 1.5 percent, and could revisit the proposal should inventories remain high, according to sources. But oil markets were offered some support by official data that showed crude inventories in the United States, the world's top oil consumer, fell sharply last week as refining and exports surged to record highs.

Crude stockpiles were down by 6.4 millio

n barrels in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels. However, U.S. crude production rose to 9.34 million bpd last week, up nearly 500,000 bpd from a year ago.

"We may or may not see more huge draws. But crude production is slowly but surely going to neutralize the (OPEC-led)production cut," said Sukrit Vijayakar, director of energy consultancy Trifecta.

Rising output from Nigeria and Libya, which are exempted from the deal, is also undercutting oil producers' attempt to limit production.

(Reporting by Jane Chung; Additional reporting by Jessica Jaganathan and Henning Gloystein in SINGAPORE; Editing by Joseph Radford and Sherry Jacob-Phillips)
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Oil & Gas News

Oil & Gas News
Released:  01/06/20172017-06-01
Word count:  238

Libya’s biggest oil field boosted production, allowing the OPEC nation to pump crude at the highest level since October 2014.

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Bloomberg
Crude from Sharara field rose by 25,000 barrels a day to 250,000 barrels, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Libya’s output rose to 827,000 barrels a day after the increase in output from Sharara, Mustafa Sanalla, head of the state-run National Oil Corp., said in a text message.

The revival in Libyan crude production comes after the Organization of Petroleum Exporting Countries and allied suppliers agreed on May 25 to extend a deal to cut production to battle a global oversupply until the end of March. The recent increase in Libyan output may undercut OPEC’s strategy to re-balance the market and prop up prices.

The nation with Africa’s biggest crude reserves pumped as much as 1.6 million barrels a day before an uprising in 2011, and it was exempted from OPEC’s cuts due to internal strife.

Libya was producing about 700,000 barrels a day at the end of April. The nation’s current crude production is at the highest since October 2014 when it pumped 850,000 barrels a day, according to data compiled by Bloomberg.

Production at Sharara had dropped earlier this month due to technical problems. Oil from the field started flowing in late April to the Zawiya refinery following a three-week closure. El Feel, a field also known as Elephant, re-started last month as well, after having been halted since April 2015.
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Business News

Business News
Released:  01/06/20172017-06-01
Word count:  320

The Central Bank of Libya (CBL) has announced the launch of its mobile e-payment Services Project in conjunction with Al-Madar mobile phone operator. The CBL said that it expects the services to be operational by August this year.

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Libya herald
The CBL explained that it was ‘‘keen to improve and upgrade the level of banking services and promote electronic payment services and distribution channels”, which it explained ”is one of the bank’s most important strategic priorities’’.

Mobile electronic payment services are ‘‘important in improving the development of the Libyan economy and facilitating the flow of funds between users electronically, with the aim of moving from a paper economy to a digital economy, and developing alternative solutions that facilitate buying and selling’’ and to enable ‘‘the progressive dispensing of paper money, the growth of electronic services, and the entrenchment of this culture in society’’, the CBL explained.

The Central Bank added that it had established a partnership with the Madar company, to create a mobile electronic payment service platform, ”to keep abreast of recent developments in banking technology electronic and distribution channels, and to create a strong technological infrastructure that allows for the execution of direct banking transactions, through mobile phones in a safe, streamlined and expeditious manner”.

It will be recalled that Libya has one of the poorest e-banking systems in the MENA and African region as a result of the legacy of the 42 years of the Qaddafi regime which had no interest in developing commerce in the country. For most of that era state-owned banks dominated the Libyan banking sector acting no more than the distributors of state-sector salaries. Banks were not encouraged to be competitive nor offer any diversified banking services in the rentier state.

Post Libya’s 2011 Arab Spring Revolution, the weakness of Libya’s banking sector was exposed. Libya’s dependence on cash and lack of use of e-banking services exacerbated Libya’s current acute cash shortage. The CBL is hoping that a boost to e-banking services may ameliorate the crisis and reduce the need for it to continue to print new money and pump it into the system with all its inflationary side effects.
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Business News

Business News
Released:  31/05/20172017-05-31
Word count:  397

Oil prices fell by one percent on Wednesday, as rising output from Libya added to concerns about increasing U.S. production that is undermining OPEC-led production cuts aimed at tightening the market.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $51.30 per barrel at 0657 GMT, down 54 cents, or 1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $49.15 per barrel, down 51 cents, or 1 percent, from their last settlement.

Traders said the price declines were a result of higher output in conflict-torn Libya, which was adding to a relentless rise in U.S. production.

Libya's oil production is expected to rise to 800,000 barrels per day (bpd) this week, state-run National Oil Corporation said on Monday.

That would likely boost its exports. Shipping data in Thomson Reuters Eikon shows that, excluding pipeline exports, Libya shipped out an average of 500,000 bpd of crude oil so far this year, compared with just 300,000 bpd shipped on average in 2016.

Libya's rising production and exports add to soaring U.S. output, which largely thanks to shale oil drilling has jumped by more than 10 percent since the middle of last year to over 9.3 million bpd C-OUT-T-EIA, close to top producers Saudi Arabia and Russia.

"Libyan and shale oil production seems to have occupied the mind of traders overnight. That's consistent with my sense that this is all about inventories and the associated supply overhang in crude oil markets at the moment," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Rising output from the United States and Libya undermines efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to tighten an oversupplied market by cutting production by around 1.8 million bpd until the end of the first quarter of 2018.

Russia's May oil output was 10.94 million bpd, in line with its commitments to cut production, according to sources on Wednesday.

The cuts, which have been in place since January and were initially due expire in June, have so far not had the desired effect of substantially drawing down excess inventories. Libya is an OPEC member, but it was exempt from the cuts. The United States is not participating in the self-imposed production cuts. To rein in the global fuel supply overhang, bloated inventories need to be drawn down, analysts say.

"Stocks are at least 170 million barrels above the 2011-15 average. Hence coming near that figure in the next few weeks appears to be optimistic," said Sukrit Vijayakar, director of energy consultancy Trifecta.

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

Oil & Gas News
Released:  30/05/20172017-05-30
Word count:  351

A run by U.S. oil prices towards $50 a barrel ran out of steam on Tuesday as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures climbed above $50 per barrel in early trading on Tuesday, but dipped back to $49.77 by 0336 GMT, down 3 cents.

"WTI spot (front-month) did attempt a move higher in thin trading, but failed at the $50.00 level before slipping back," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

Analysts said the early price boost came from indicators that U.S. summer driving had a strong kick-off.

U.S. demand for transport fuels such as gasoline for cars, diesel for buses and jet fuel for planes tends to rise significantly as families visit friends and relatives or go on vacation during the summer months. The so-called summer driving season officially started on the Memorial Day holiday at the start of this week.

"The start of the U.S. driving season ... boosted confidence in the market that stockpiles would start to fall in coming weeks," ANZ bank said on Tuesday.

The American Automobile Association (AAA) said ahead of Memorial Day that it expected 39.3 million Americans to travel 50 miles (80 km) or more away from home over the Memorial Day weekend, the highest Memorial Day mileage since 2005.

Despite this, traders said that ongoing concerns of oversupply were weighing on prices.

U.S. drillers have added rigs for 19 straight weeks, to 722, highest since April 2015 and the longest run of increases ever, according to energy services firm Baker Hughes.

The ongoing glut was also reflected in global markets, where benchmark Brent crude futures were at $52.09. per barrel, down 20 cents, or 0.4 percent, from their last close.

The main factor for Brent is whether a decision led by the Organization of the Petroleum Exporting Countries (OPEC) to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 will significantly tighten the market to end years of oversupply.

An initial agreement, which has been in place since January, would have expired in June this year, and the production cutback has so far not had the desired effect of substantially drawing down excess inventories.

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

Business News
Released:  30/05/20172017-05-30
Word count:  233

The National Oil Corporation (NOC) has agreed on the importance of supporting private sector oil services companies – through partnerships between them and state oil companies in maintenance operations and the development of possible new projects at the oil fields.

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Libya herald
The agreement came at a meeting yesterday at the NOC’s headquarters in Tripoli between NOC chairman Mustafa Sanalla and the chairman of the Libyan Business Council, Abdellah Fallah. Accompanied by a small delegation, Falah presented a number of his members’ demands and concerns.

He later told the Libya Herald that the NOC and the private sector had to remain aside from any political struggles and that Sanalla had promised to support the private sector oil services companies.

“We discussed with them certain services such as logistics, cleaning and shipping [contracts for] which must go directly to the national companies,” he said.

“We also have demanded that the NOC adopt the Build, Operate Transfer (BOT) system in business contracts between NOC and the private sector,” he added.

Both sides also discussed the difficulties facing the oil services companies in obtaining hard currency at the official rate to import equipment so as to be able to compete with foreign companies. Sanalla was sympathetic, Fallah said, and promised to discuss the issue with the Central Bank of Libya and the Audit Bureau.

Another subject discussed and agreed by the two was the importance of investing more on providing training for Libyans working in the oil sector. According to Fallah, Sanalla expressed optimism that oil exportation would increase during the second part of the 2017 and that this would result in more contracts for oil services companies.

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Oil & Gas News

Oil & Gas News
Released:  29/05/20172017-05-29
Word count:  381

Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply.

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Reuters
Trading activity will be subdued on Monday due to public holidays in China, the United States and Britain.

Brent crude futures LCOc1 were trading down 15 cents, or 0.3 percent, at $52.00 per barrel at 0253 GMT.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 17 cents, or 0.3 percent, at $49.63 per barrel.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed last week to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. But the decision did not go as far as many investors had hoped and led to a heavy sell-off.

An initial agreement, in place since January, would have expired in June this year.

"The immediate market reaction to the May 25 OPEC decision is indicative of the weaker-than-expected impact production cuts had on bloated global crude stocks over H1 2017," BMI Research said in a note.

Despite the ongoing cuts, oil prices have not risen much beyond $50 per barrel.

Much of OPEC's success will depend on output in the United States C-OUT-T-EIA, which is not participating in the cuts and where production has soared 10 percent since mid-2016 to over 9.3 million bpd, close to top producer levels Russia and Saudi Arabia.

U.S. drillers have now added rigs for 19 straight weeks, to 722, the highest amount since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc (BHI.N).

Almost all of the recent U.S. output increases have been onshore, from so-called shale oil fields.

Even if the rig count did not rise further, Goldman Sachs said it estimates that U.S. oil production "would increase by 785,000 bpd between 4Q16 and 4Q17 across the Permian, Eagle Ford, Bakken and Niobrara shale plays."

Analysts say that reducing bloated global fuel inventories will be key to reining in ongoing oversupply.

"It's going to be all about inventories and whether they fall as much as OPEC thinks," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

While it is hard to come by reliable global oil inventory data, regional stock levels for the United States, Europe and parts of Asia suggest that inventories have dipped in recent weeks, albeit from record levels.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)
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News Releases

News Releases
Released:  29/05/20172017-05-29

تهنئ اسرة الموقع زوارنا الكرام بمناسبة حلول شهر رمضان المبارك. اعاده الله بالخير و اليمن و البركات

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