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Car bombs kill at least eight at Libya army academy in Benghazi

Several car bombs exploded at a Libyan army academy in the eastern city of Benghazi on Monday, killing at least eight people and wounding more than a dozen, hospital sources and a security official said. Instability in the eastern city is just part of the struggle a weak central government faces in controlling armed groups, militias and brigades of former rebels who once battled Muammar Gaddafi and now refuse to disarm. A first bomb exploded at the academy’s front gate as people were leaving a graduation ceremony, security officials said. One or two other bombs exploded almost at the same time, wounding at least 13 persons. No group claimed responsibility for the bombing in Benghazi, where Libyan armed forces have been battling militants from hardline Islamist groups such as Ansar al Sharia, listed as a foreign terrorist organization by Washington. Most countries have closed their […]

Posted On : Published By : Tom Whipple
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Government Sends Soldiers to a Protest Site in Caracas

The government on Monday deployed hundreds of soldiers in a part of Caracas where weeks of often violent protests have taken place, and a top official boasted that the area had been “liberated.” The operation centered on a public square, Plaza Francia, in the city’s well-off Altamira district, where virtually every night up to hundreds of young protesters gathered to engage in battles with the police and National Guard troops, building barricades to block streets and throwing rocks and gas bombs at security forces, who responded with tear gas and plastic buckshot. The deployment extended into other nearby neighborhoods where residents had been active in the protests and had barricaded many streets. Soldiers, some armed with assault weapons, were stationed in the plaza and on many of the major streets in the area, which has long been an opposition stronghold. Municipal workers removed barricades and cleaned up the trash […]

Posted On : Published By : Tom Whipple
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Shell Nigeria Oil Terminal Remains Closed After Leak Found

Exports from a major oil terminal in Nigeria operated by a unit of Royal Dutch Shell PLC (RDSA) remain shut-in nearly two weeks after the discovery of a leak in the export pipeline, a spokesman for the company said Monday. Company employees at the Shell Petroleum Development Co have observed a small sheen around the export line to the Forcados oil terminal in the Western Niger Delta during helicopter flyovers. But a spokesman for Shell said less than 15 barrels of oil had spilled since the leak was first spotted March 4. Nigeria is Africa’s largest oil producer, but leaks from the country’s large network of pipelines–often blamed on oil theft–frequently disrupt its oil exports. Last month, SPDC said it shut its 150,000 barrel-a-day Nembe Creek trunkline because of an oil-theft related leak. Write to Sarah Kent at [email protected]

Posted On : Published By : Tom Whipple
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Venezuela unrest toll rises as soldier is shot in head

A Venezuela National Guard captain died on Monday after being shot in the head during a demonstration, the military said, the 29th fatality in six weeks of clashes between protesters and security forces. General Padrino Lopez, head of the armed forces’ strategic operational command, said the captain was shot late on Sunday at a street barricade set up by demonstrators in the central city of Maracay, in Aragua state. "He was another victim of terrorist violence," Lopez said on Twitter, calling for an end to the confrontations. "Our armed forces don’t repress peaceful protests, they protect them." Since early February, students and hardline opposition leaders have been calling supporters onto the streets to protest against President Nicolas Maduro and his socialist government. The demonstrators are demanding political change and an end to high inflation, shortages of basic foods and one of the worst rates of violent […]

Posted On : Published By : Tom Whipple
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Air Canada suspends Venezuela flights over 'civil unrest'

Air Canada says it will continue to monitor the situation "with the objective of resuming operations" Air Canada has suspended flights to and from Venezuela, citing concerns over security. The airline said it would consider resuming operations once the situation in Venezuela had stabilised. It operated three return flights between Toronto and Caracas per week. Twenty-nine people – from both sides of the political divide – have been killed in six weeks of protests against high inflation, crime and the shortage of many staples in Venezuela. "Due to ongoing civil unrest in Venezuela, Air Canada can no longer ensure the safety of its operation and has suspended flights to Caracas until further notice," says the Canadian airline in a statement. It says customers who have not begun their travel "may obtain refunds". Others may be rebooked on other airlines. Retaliation Several international airlines have reduced operations in recent weeks […]

Posted On : Published By : Tom Whipple
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Air Canada suspends Venezuela flights over ‘civil unrest’

Air Canada says it will continue to monitor the situation "with the objective of resuming operations" Air Canada has suspended flights to and from Venezuela, citing concerns over security. The airline said it would consider resuming operations once the situation in Venezuela had stabilised. It operated three return flights between Toronto and Caracas per week. Twenty-nine people – from both sides of the political divide – have been killed in six weeks of protests against high inflation, crime and the shortage of many staples in Venezuela. "Due to ongoing civil unrest in Venezuela, Air Canada can no longer ensure the safety of its operation and has suspended flights to Caracas until further notice," says the Canadian airline in a statement. It says customers who have not begun their travel "may obtain refunds". Others may be rebooked on other airlines. Retaliation Several international airlines have reduced operations in recent weeks […]

Posted On : Published By : Tom Whipple
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China FDI data indicates sharp slowdown in February

BEIJING (Reuters) – China drew $19.3 billion in foreign direct investment (FDI) in the first two months of 2014, up 10.4 percent from a year earlier, the Commerce Ministry said on Tuesday, indicating a sharp slowdown in February due to the Lunar New Year holidays. Ministry spokesman Shen Danyang told a media briefing that the ministry did not release data for February alone due to seasonal distortions caused by the Lunar New Year holidays, when factories, offices and shops often close for long periods. Based on the published data, FDI in February alone was $8.6 billion, up 4.1 percent from a year earlier, slowing sharply from a 16.1 percent increase in January. FDI from the top 10 Asian economies rose 11.6 percent in the first two months to $16.9 billion, while investment from the United States jumped 43.3 percent to $711 million and investment from the European Union fell […]

Posted On : Published By : Tom Whipple
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Global deepwater rig market seen recovering by 2016, 2017

The global deepwater rig market, which has drawn the attention of Wall Street because of recent sharp declines in bids and dayrates, could see higher demand and rates by 2016 and 2017, analysts said.
New construction in the past few years has led a number of semisubmersibles and drillships starting to debut in the market at the same time that demand has weakened, largely because of the rising costs of oil services. That was the message delivered earlier this month at IHS CERAWeek in Houston, when Chevron CEO John Watson cited a fivefold increase in offshore rig costs in the last decade. These factors have led to a notable slide in current dayrate bids to $400,000 or below for highly capable floating semisubmersibles that can work in water depths of 10,000-12,000 feet. That class of rigs was getting close to $500,000/day or above last year, International Strategy & Investment Group analyst Jud Bailey said in a recent report.

Posted On : Published By : Tom Whipple
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API Celebrates First U.S. Hydraulic Fracturing Job

With birthday cards and a social media campaign, API celebrated the 65th birthday of the technology that has spurred an energy revolution in America: hydraulic fracturing or fracking. “Americans have long been energy pioneers, from the 1800’s when the first wells were drilled to today,” said API Director of Upstream and Industry Operations Erik Milito. “As part of that history, on March 17, 1949, we developed the technology to safely unlock shale and other tight formations, and now the U.S. is the world’s largest producer of oil and natural gas.” The birthday cards feature a black and white photo of one of the world’s first commercially fractured wells located in Duncan, Oklahoma. Despite the 1940’s theme, API is commemorating the occasion on a distinctly modern platform – the internet. Digital birthday cards will connect readers to a blog with more information on the history and success of hydraulic fracturing, […]

Posted On : Published By : Tom Whipple
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Defying Sanctions, Putin Moves Swiftly to Annex Crimea

Moving swiftly in the face of international condemnation, President Vladimir V. Putin on Tuesday notified Russia’s Parliament of his intention to make Crimea a part of the Russian Federation, defying the United States and Europe just hours after they imposed their first financial sanctions against Moscow since the crisis in Ukraine began. The Kremlin announced Mr. Putin’s decision only hours after he formally recognized Crimea as a “sovereign and independent state” late Monday night, after a vote to secede from Ukraine that was hastily organized and conducted under the watch of thousands of Russian special operations troops. Mr. Putin is scheduled to address both houses of Parliament on Tuesday afternoon and, according to reports, could outline his vision for annexing a region that has been under the authority of Kiev since 1954 and part of an independent Ukraine since the Soviet Union collapsed in 1991. Mr. Putin’s […]

Posted On : Published By : Tom Whipple