Category:

Libya Seeks to Avoid Oil-Market Mess as Supplies Rebound

Libya, the north African country whose crude exports collapsed last year amid protests and political feuding, will seek to revive shipments in a way that avoids oil-market disruption, its governor for OPEC said. Protesters in the east of the country with Africa ’s largest oil reserves reopened two ports at the start of this month, ending a yearlong blockade that helped decimate the nation’s supplies. Brent crude , the global benchmark, slid about 3.3 percent since the rebels said the terminals would restart. “Our return to the market will be gradual and in coordination with our fellow member countries,” Samir Kamal, the nation’s governor for the Organization of Petroleum Exporting Countries, said by e-mail yesterday. Libya will take the same gradual approach toward sales of oil it has stored at the two terminals, he said. Crude surged last year when the protesters halted four Libyan ports in an attempt […]

Posted On : Published By : Tom Whipple
Category:

Production in Libya’s Sharara oilfield resumes

A Libyan oil official says production at one of the country’s largest oilfield has restarted, pumping at more than 90 percent of its capacity in a boost to the troubled North African nation. Mohammed al-Harari, spokesman for the National Oil Corporation, said Wednesday that 325,000 barrels were pumped from the southwestern Sharara oilfield, one of Libya’s largest at 340,000 barrels per day. Production resumed a day earlier, following repeated halts because of protests in the area. In a boost to the country’s troubled sector, the government reached an agreement last weekend with eastern rebels to regain control of two oil ports there. The rebels had seized the ports for nearly a year, halting exports and demanding a share of the revenues and political autonomy. Production there has not resumed yet.

Posted On : Published By : Tom Whipple
Category:

Production in Libya's Sharara oilfield resumes

A Libyan oil official says production at one of the country’s largest oilfield has restarted, pumping at more than 90 percent of its capacity in a boost to the troubled North African nation. Mohammed al-Harari, spokesman for the National Oil Corporation, said Wednesday that 325,000 barrels were pumped from the southwestern Sharara oilfield, one of Libya’s largest at 340,000 barrels per day. Production resumed a day earlier, following repeated halts because of protests in the area. In a boost to the country’s troubled sector, the government reached an agreement last weekend with eastern rebels to regain control of two oil ports there. The rebels had seized the ports for nearly a year, halting exports and demanding a share of the revenues and political autonomy. Production there has not resumed yet.

Posted On : Published By : Tom Whipple
Category:

Libyan oil exports on potential rebound

More than half of Libya’s oil export potential may be back online after rebel forces handed over control of two key ports, the Libyan National Oil Co. said. Ras Lanuf and Es Sider, two oil ports that account for as much as half of Libya’s full export potential of 1.3 million barrels per day, were handed over to government control last week. Mohammad el-Harari, a spokesman for the state-owned National Oil Co., said a legal clause over the terminals, force majeure, was lifted Sunday. Force majuere frees a company from its contractual obligations because of circumstances beyond its control. Combined, the two ports can ship as much as 560,000 barrels of oil per day. The spokesman said it was unclear when new Libyan oil would find its way to the international market. The Libyan government brokered a deal April 6 with eastern rebel leaders to re-open two other export […]

Posted On : Published By : Tom Whipple
Category:

Production Resumes at Libya's Largest Oil Field

Libya’s largest oil field Sharara has resumed production, a top oil official said Wednesday, the latest sign of an improvement in the country’s troubled oil sector. The move follows the lifting of a force majeure on two Eastern terminals that account for nearly half of Libya’s oil export capacity, following a deal with militants who had occupied them. The 340,000-barrels-a-day Sharara oil field, where Spanish oil company Repsol SA is a partner, has resumed output after protests ended there, a spokesman for the state-run National Oil Co. said. He confirmed that exports could still take a week to restart because the oil flows will first have to supply the Zawiya refinery. Libya’s oil industry has been disrupted frequently by strikes and armed occupations since a civil war toppled former leader Moammar Gadhafi in 2011. Together with the reopening of the two oil ports, Sharara’s resumption could bring oil production […]

Posted On : Published By : Tom Whipple
Category:

Production Resumes at Libya’s Largest Oil Field

Libya’s largest oil field Sharara has resumed production, a top oil official said Wednesday, the latest sign of an improvement in the country’s troubled oil sector. The move follows the lifting of a force majeure on two Eastern terminals that account for nearly half of Libya’s oil export capacity, following a deal with militants who had occupied them. The 340,000-barrels-a-day Sharara oil field, where Spanish oil company Repsol SA is a partner, has resumed output after protests ended there, a spokesman for the state-run National Oil Co. said. He confirmed that exports could still take a week to restart because the oil flows will first have to supply the Zawiya refinery. Libya’s oil industry has been disrupted frequently by strikes and armed occupations since a civil war toppled former leader Moammar Gadhafi in 2011. Together with the reopening of the two oil ports, Sharara’s resumption could bring oil production […]

Posted On : Published By : Tom Whipple
Category:

Libya's Largest Oil Field Sharara Restarts Operations-Manager

Libya’s largest oil field Sharara has restarted operations and may resume production later Wednesday, a manager at the facility said, the latest sign of improvement in Libya’s troubled oil sector. The news come after Libya lifted force majeure on two Eastern terminals that amount to nearly half of its exports capacity following a deal with rebels that had occupied them. The pipeline connected to the 340,000-barrels-a-day Sharara oil field, where Spain’s Repsol SA is a partner, reopened after protests ended there, said the manager, who declined to be named. He added that, once production has restarted, exports could take a week to restart because the oil flows will first have to supply the Zawiya refinery. Write to Benoit Faucon at [email protected]

Posted On : Published By : Tom Whipple
Category:

Libya’s Largest Oil Field Sharara Restarts Operations-Manager

Libya’s largest oil field Sharara has restarted operations and may resume production later Wednesday, a manager at the facility said, the latest sign of improvement in Libya’s troubled oil sector. The news come after Libya lifted force majeure on two Eastern terminals that amount to nearly half of its exports capacity following a deal with rebels that had occupied them. The pipeline connected to the 340,000-barrels-a-day Sharara oil field, where Spain’s Repsol SA is a partner, reopened after protests ended there, said the manager, who declined to be named. He added that, once production has restarted, exports could take a week to restart because the oil flows will first have to supply the Zawiya refinery. Write to Benoit Faucon at [email protected]

Posted On : Published By : Tom Whipple
Category:

Egypt Would Approve BG’s Israel Gas Deal If Local Demand is Met

Egypt is willing to approve a potential deal allowing BG Group PLC to import natural gas from Israel for its local facility if the parties involved agree to help meet the country’s domestic demand at a reasonable price, officials familiar with the matter said Monday. "Things are different in Egypt now and we see no issue in this deal if it is beneficial for the country," a senior oil official told The Wall Street Journal, referring to the recent change in government in Egypt that saw Abdel Fattah Al Sisi elected president. "We will give our approval on the deal if some of the gas is fed to the domestic market and is reasonably priced," the official said. The partners in Israel’s giant Leviathan natural gas field said last month they had signed a preliminary agreement with BG Group, a British oil and gas company, to […]

Posted On : Published By : Tom Whipple
Category:

Egypt Would Approve BG's Israel Gas Deal If Local Demand is Met

Egypt is willing to approve a potential deal allowing BG Group PLC to import natural gas from Israel for its local facility if the parties involved agree to help meet the country’s domestic demand at a reasonable price, officials familiar with the matter said Monday. "Things are different in Egypt now and we see no issue in this deal if it is beneficial for the country," a senior oil official told The Wall Street Journal, referring to the recent change in government in Egypt that saw Abdel Fattah Al Sisi elected president. "We will give our approval on the deal if some of the gas is fed to the domestic market and is reasonably priced," the official said. The partners in Israel’s giant Leviathan natural gas field said last month they had signed a preliminary agreement with BG Group, a British oil and gas company, to […]

Posted On : Published By : Tom Whipple