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Ambassador From Jordan Freed by Captors in Libya

he Jordanian ambassador to Libya, who was taken hostage by gunmen in the Libyan capital last month, was freed and returned to Jordan on Tuesday after his government agreed to release a Libyan citizen serving a life sentence on terrorism charges, officials in both countries said. The ambassador, Fawaz al-Itan, arrived at a military airport in Jordan on Tuesday and said he had been treated well in captivity. Nasser Judeh, the Jordanian foreign minister, said Mr. Itan’s captors had ties to the Libyan citizen, Mohamed el-Dressi, who was convicted in 2007 of plotting to blow up Jordan’s main international airport. He did not specify what those ties were. Mr. Dressi flew to Libya on Monday. The apparent exchange of Mr. Dressi for Mr. Itan immediately raised concerns that it would embolden militant groups in Libya, which have turned to kidnapping to win concessions at home and […]

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Libya Oil Output May Double as Western Protests End

Libya’s daily oil output may double to 500,000 barrels today after protesters agreed to reopen pipelines carrying crude from fields in the country’s western region, according to officials. The valves at the Sharara field have reopened and oil will reach the Zawiya refinery within a few hours, Mansour Abdullah, an official at the refinery, said late yesterday. Earlier, National Oil Corp. spokesman Mohamed Elharari had said by phone from Tripoli that the Elephant, Hamada and Wafa fields, as well as Sharara, were due to resume production last night or this morning “and progressively increase output.” The protesters agreed to stop blocking oil shipments after the authorities started preparations to hold elections for a new parliament, Elharari said. Spokesmen for the protesters couldn’t immediately be reached by phone for comment. Repsol SA-operated Sharara and Eni SpA-operated Elephant are the largest fields in western Libya, with daily capacities of about 340,000 […]

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Nigeria: Missing U.S.$20 Billion – FG Appoint PriceWaterhouseCoopers to Audit NNPC

Minister of Finance, Dr. Ngozi Okonjo-Iweala, announced on Thursday that the accounting firm – PriceWaterhouseCoopers (PwC) has been appointed to carry out the audit exercise on the Nigerian National Petroleum Corporation (NNPC) over the alledge missing $20 billion. She spoke during a debate at the 24the edition of the World Economic Forum for Africa with theme: "Forging inclusive growth, creating jobs." Okonjo-Iweala said the exercise would be carried out within 16 weeks under the supervision of the Office of the Auditor General of the Federation. The suspended Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, had blown the whistle on a missing $20 billion, which he claimed was not remitted to the federation account by the NNPC. Following the controversy generated by the revelation, Okonjo-Iweala said the forensic audit would help unravel all mystery surrounding the missing fund. "On the issue of holding government to account, […]

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Egyptian Tourism’s Message to World: Come Anyway

We’ve missed you,” Egypt’s ministry of tourism says in its new advertising campaign , a plaintive plea for summer visitors from wealthy countries in the Persian Gulf. That is putting it mildly. For three years now, political turmoil has scared many travelers away from Egypt, leaving millions of people whose livelihoods depend on visitors desperate for any sign of an end to the most sustained tourism crisis anyone here can recall. At Cosmos , a 37-year-old tour company in Cairo that used to serve up to 30,000 customers a year, Khaled M. Ismail, the company’s director of operations, said he had not booked a single visitor since May 2013. The company’s once-hectic headquarters are deserted most of the time: Employees come in only once a week, to pay the bills. “We’re not expecting any business until 2015,” Mr. Ismail said, sitting alone in his office one recent […]

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Nigeria: Concerns Mount Over Contract Cost Inflation By Oil Majors

The allegation of contract inflation in the oil and gas industry by oil firms, particularly, international oil companies (IOCs) operating in Nigeria is generating ripples in the sector, THISDAY investigations have revealed. Presidency sources hinted that top officials of multinational oil companies use their connections in the presidency to secure oil and gas contracts at very exorbitant rates, when compared to costs of executing similar projects in other parts of the world. It was gathered that the oil majors often bypass the Nigerian National Petroleum Corporation (NNPC) to get direct approval from the presidency on multi-billion dollar projects that were hitherto disapproved by the corporation because final costs of their execution were ridiculously high. A Canadian oil company operating in Nigeria was said to have recently submitted a tender for a multi-billion dollar project, for which the cost was far higher than what it takes to execute similar project […]

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Libyan ports Es Sider, Ras Lanuf still closed as deal splinters: US ambassador

The reopening of the Es Sider and Ras Lanuf oil ports in eastern Libya remains in limbo as the government appears to be backing away from a deal with rebels negotiated by ousted Prime Minister Ali Zidan, the US ambassador to Libya said Tuesday. "We have no way of knowing" if the ports would reopen, Ambassador Deborah Jones said in a conference call with US businesses considering investing in Libya. "I’m not terribly optimistic in large part because there was not a lot of buy-in in the General National Council, their parliament, for the terms of the deal." Ras Lanuf and Es Sider, which have a combined capacity of 560,000 b/d, have been closed since rebels seeking more autonomy took over the ports last August. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream […]

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Angola May Miss 2015 Oil-Output Target

Angola, Africa ’s second-biggest oil producer, probably won’t reach an output target of 2 million barrels a day next year because new projects will be too late to boost declining flows, Wood Mackenzie Ltd. said. Sonangol EP, the state oil company, said in a statement May 5 that the target remains in place after government-run newspaper Jornal de Angola reported that the goal was deferred to 2017. The Organization of Petroleum Exporting Countries member pumped 1.54 million barrels a day last month, according to data compiled by Bloomberg. “I don’t think 2 million barrels a day by next year is realistic,” David Thomson , a Wood Mackenzie analyst in Edinburgh, said in an e-mailed response to questions. “I am confident it will happen, but toward the end of the decade.” Total SA’s CLOV fields in Block 17 and Eni SpA’s Western Hub in Block 15/06 are expected to start […]

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Israeli gas may be bound for Egypt

Noble Energy said it was considering sending as much as 440 trillion cubic feet of natural gas per day from the Tamar field offshore Israel to a plant in Egypt. Noble and its field partners at Tamar signed a non-binding letter of intent with Union Fenosa Gas to deliver natural gas to a facility that can turn it into super-cooled liquefied natural gas. The letter of intent spells out a 15-year term for a total 2.5 trillion cubic feet of natural gas from Tamar. "This LOI with Union Fenosa Gas represents a major milestone for our Tamar asset and is indicative of the strong regional demand for natural gas," Keith Elliot, Noble’s vice president in charge of regional operations, said in a statement Tuesday. Spanish company UFG holds an 80 percent stake in the subsidiary controlling the Damietta LNG facility in Egypt. It has […]

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U.S. Imposes First Sanctions in South Sudan Conflict

In its first use of economic sanctions against combatants in the bloody fighting in South Sudan , the Obama administration on Tuesday ordered asset freezes and travel bans on two individuals, one on each side of the conflict. The sanctions, which were announced by Secretary of State John Kerry , were imposed under an executive order President Obama signed a month ago in response to the violence that has killed thousands and displaced more than a million people. The announcement came as President Salva Kiir of South Sudan and Riek Machar, the rebel leader, agreed to face-to-face talks in Ethiopia, which are tentatively scheduled to be held on Friday. One of the targets of the sanctions was Marial Chanuong, the commander of the government’s presidential guard force, who Mr. Kerry said led attacks against civilians in and around Juba, the South Sudan capital. The other was Peter […]

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South Sudanese Army Seizes Town Used as Base by Rebel Leader

South Sudanese government forces seized the stronghold of the country’s rebel leader and the capital of oil-rich Unity state from insurgents, drawing criticism from the U.S. for violating a January truce. Government forces yesterday retook Unity’s capital, Bentiu, and Nasir, the town in neighboring Upper Nile state used as a base by former Vice President Riek Machar, army spokesman Philip Aguer said by phone today from the national capital, Juba. Rebel spokesman Mabior Garang confirmed the army had recaptured the towns. “It’s not a fragile takeover,” Aguer said. Nasir is “very crucial because that was the headquarters of Riek Machar.” The government expects attacks on the oil-producing state to cease as a result, he said. Fighting erupted in the world’s newest nation on Dec. 15 with President Salva Kiir accusing Machar of leading a coup, a charge Machar denies. Violence has left thousands of people dead and forced more […]

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Transcorp to Start Drilling Plans After Nigeria Oilfield Deal

Transnational Corp. of Nigeria Plc , which has interests ranging from agriculture to oil, said it will drill wells on its prospecting lease after signing a production-sharing deal with the state oil company. Transcorp paid $30 million for oil-prospecting lease 281, or OPL 281, following a sale by the Nigerian government in 2007. The lease holds an estimated 104 million barrels of oil reserves, 335 million barrels of probable additional reserves and about 4 trillion cubic feet of gas, the Lagos-based company said today in an e-mailed statement. “We are excited by this development and the opportunity to fully exploit the huge reserves and gas resources,” said company Chairman Tony Elumelu. “We will produce enough gas to run our Ughelli plant to its current installed capacity of 1,000 megawatt and expand this to over 3,000 megawatt in the near future.” Transcorp, 44 percent owned by Elumelu, was set up […]

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Deadly Attacks Heighten Tension in Egypt

Suicide bombers targeting a security checkpoint and a civilian bus killed at least two people in Egypt’s southern Sinai region on Friday, while in the capital, a police officer was killed in an explosion that struck a traffic post, the authorities said. The spate of attacks came just weeks before Egypt is to hold a presidential election, a milestone officials have asserted will help stabilize the country. The Sinai attacks occurred just after dawn in El Tor, the provincial capital, about 70 miles from the popular tourist resorts of Sharm el-Sheikh, the authorities said. One of the bombers approached a military checkpoint, detonating an explosive that killed two officers and the bomber. In the attack on the bus, the driver told state media that the bomber stood on the road that leads to Sharm el-Sheikh, holding what appeared to be a red icebox that presumably contained the […]

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Attack in Libya kills 9 soldiers, police officers

Gunmen attacked a security forces headquarters in Libya’s eastern city of Benghazi early Friday, killing nine people and wounding 24, authorities said, blaming an Islamic extremist group allegedly behind the attack of a U.S. diplomatic post there. A security official said the attack started when dozens of gunmen opened fire with machine guns and mortars. The onslaught lasted for an hour, with the fighting heard miles away. Libyan commandos later arrived and fought the attackers, though the official said they suffered heavy casualties. A statement issued by the interim government and read by Cabinet spokesman Ahmed al-Amin put the death toll at nine people. Milad al-Zowi, a commando spokesman, said the dead were six army commandos and three police officers. Al-Zowe said that three soldiers and a police officer were missing after the battle. A local hospital official said some of the slain troops were […]

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Massive oil discovery claimed offshore Angola

Early results from a program off the coast of Angola show there may be as much as 700 million barrels of oil in the region, Cobalt International Energy said. Cobalt, through a partnership with national and international energy companies, released results from its Orca-1 pre-salt deepwater exploration well off the coast of Angola. The company said it tested the well at a rate of 3,700 barrels of oil and 16.3 million cubic feet of natural gas per day. The company, which has headquarters in Houston, said the results show this may be the largest oil discovery every found in the Kwanza basin off the coast of Angola. "Cobalt’s post drill estimates indicate a resource range of between 400 and 700 million barrels of oil," . Cobalt Chief Executive Officer Joseph Bryant said the field may be the "most significant oil discovery" ever made in […]

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Looming Energy Crisis Again Confronts Egypt’s Leaders

A growing energy shortage that helped inflame the protests against President Mohamed Morsi before his ouster last year is returning to vex Egypt’s new military-led government. Festering complaints by international energy companies that Egypt has failed to pay them for pumping its petroleum or to allow them promised gas to export spilled into the open on Thursday. BG, the British company that is one of the country’s biggest gas producers, warned in a statement that its Egyptian liquefied natural gas business “is increasingly at risk” without “concerted action from the Egyptian government.” A joint venture partly owned by the Italian oil giant Eni cited similar reasons more than a year ago when it closed the only other Egyptian plant making liquefied gas, which can be shipped as well as transported by a pipeline. BG’s statement was a blunt reminder of the challenges still facing the new government, […]

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BG Group: Egyptian operations in doubt

Future operations in the natural gas sector in Egypt are at risk because of poor reservoir performance and domestic offtake, BG Group said Thursday. BG Group announced its first quarter operations were hurt by issues with its liquefied natural gas business in Egypt. "Group production volumes for the first quarter were consistent with our anticipated seasonal phasing, although production entitlement from Egypt was lower than expected as domestic offtake remains well above contractual commitments and reservoir performance deteriorates," interim Executive Chairman Andrew Gould said in a statement . BG Group said that no cargoes of LNG left Egypt during the first quarter and profits from that sector of its operations were down 7 percent compared with the previous quarter. In terms of production, the company said it produced 66,000 barrels of oil equivalent per day in Egypt, down 35 percent from fourth quarter 2013. […]

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Egypt: Suicide bombers hit in Sinai, kill soldier

Security officials say two suicide bombers have struck in Egypt’s restive Sinai Peninsula, killing one soldier and wounding nine people. The officials say the attacks happened early on Friday in the region of el-Tor. In the first attack, the bomber targeted an army checkpoint. One soldier died and five were wounded in the explosion. The second bomber stepped out on a road and blew himself up in front of a bus. Four passengers were wounded from that explosion. The officials say body parts of the bombers littered the sites of the attacks. The officials spoke on condition of anonymity because they were not authorized to talk to the media. Insurgent attacks in Sinai have surged since the military’s ouster last July of Egypt’s Islamist President Mohammed Morsi.

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BG Group’s Egypt Woes Continue

BG Group PLC on Thursday reported an 8% fall in first-quarter net profit because of ongoing issues in Egypt, where the company’s output fell and gas that would have been exported has been diverted to the domestic market. BG said volumes from Egyptian LNG were severely restricted with no cargoes lifted by the company in the first quarter. The U.K.’s third-largest natural gas producer posted a net profit of $1.11 billion for the three months ended March 31, compared with a profit of $1.21 billion for the first quarter of 2014. "As a result of the challenges in Egypt, the group’s 2014 production is now expected to be at the lower end of the guidance range," said interim Chief Executive Andrew Gould. Mr. Gould took the […]

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BG Group's Egypt Woes Continue

BG Group PLC on Thursday reported an 8% fall in first-quarter net profit because of ongoing issues in Egypt, where the company’s output fell and gas that would have been exported has been diverted to the domestic market. BG said volumes from Egyptian LNG were severely restricted with no cargoes lifted by the company in the first quarter. The U.K.’s third-largest natural gas producer posted a net profit of $1.11 billion for the three months ended March 31, compared with a profit of $1.21 billion for the first quarter of 2014. "As a result of the challenges in Egypt, the group’s 2014 production is now expected to be at the lower end of the guidance range," said interim Chief Executive Andrew Gould. Mr. Gould took the […]

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Military Aid for Egyptians Loses Support in the Senate

Senator Patrick J. Leahy, chairman of the Senate subcommittee that oversees foreign aid, said Tuesday that he would not support additional military aid to Egypt in the wake of mass death sentences handed out by Egyptian courts this week, adding significant pressure on the Obama administration to shift course. For months, Senator Rand Paul, Republican of Kentucky, has led a lonely effort to sever American support to one of its most stalwart allies in the Middle East after the military’s overthrow of Egypt’s elected Islamist government. That push appears to be gaining steam. “I’m not prepared to sign off on the delivery of additional aid for the Egyptian military,” Mr. Leahy, a Vermont Democrat, said on the Senate floor. “I’m not prepared to do that until we see convincing evidence the government is committed to the rule of law.” On Monday, an Egyptian court sentenced the top […]

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Libya Ends Suspension of Crude Loadings From Zueitina Terminal

Libya opened the way for oil exports to resume from the eastern port of Zueitina by revoking a legal clause known as force majeure after rebels returned the terminal to government control earlier this month. The 70,000 barrel-a-day facility is ready to receive tankers for loading, Mohamed Elharari, spokesman of state-run National Oil Corp., said today in a text message. An agreement reached on April 6 provided for the rebels to hand over control of Zueitina and Hariga, two of the four ports they seized in July, in return for an official amnesty and salary payments claimed by defectors from Libya’s Petroleum Facilities Guard. “It seems the government has been making a renewed effort for progress,” Richard Mallinson, an analyst at Energy Aspects Ltd. in London , said by e-mail. “It still seems to be a complicated situation on the ground, and the market will want to see a […]

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Nigeria: Fuel in Jerry Cans, Long Queues and Mr. President

I drove into Mobil fuel station on International Airport Road, Lagos, sometime last week and after sitting on the rather long queue, it finally got to my turn. I alighted, opened the boot of the car and made to bring out a 25 litre jerry can that has become a permanent companion since this lingering fuel scarcity started about two months ago but the meter attendant shocked me by saying, ‘Oga, we nor dey sell for keg o. I asked why, he said, ‘dem dey raid us, task force people, so our manager say make we nor sell for keg again’." I was now very angry and told him I would not move my car unless he sells in the jerry can. I guess he saw the resolve in my eyes and after using his eyes to pan around the fuel station, probably to see if his manager was […]

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Nigeria: Seeking Solutions to Oil Theft in Nigeria

The oil industry in Nigeria, like every other sector, has its own peculiar problems. In fact, it has been said over and over again by those who have ample knowledge about Nigeria oil industry that the greatest theft in the industry across the world, takes place in Nigeria. According to statistics, as much as $8 billion a year is lost to oil thieves operating in Nigeria. The figure, a report said, is based on an claims that an average of 100,000 barrels a day (b/d) are stolen from the country’s oil industry, a figure some persons have said, is conservative. Another report, while looking at the major challenges and reasons why the illicit trade thrives, says Politicians, security forces, militants, oil-industry staff, oil traders and members of local communities, all profit from "bunkering" of oil, so few have interest in stopping it. Profits from the crude stealing, are laundered […]

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Cold economics may limit big LNG ambitions

Natural gas enthusiasts from Texas to Capitol Hill insist the world is clamoring to buy American supplies of the fuel and the only major obstacle is the federal government. But there’s an even bigger economic reality standing in the way: The facilities to super-chill gas for transport cost billions to build, and even with permits, few will ever make it past the drawing board. "It’s very easy for us in this country to blame everything on our regulators, but economics are the biggest driver here," said Joe Fagan, a partner at Day Pitney who advises clients on liquefied natural gas import and export matters. "Even […]

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Egyptian court seeks death sentence for Brotherhood leader, 682 supporters

An Egyptian court handed down a death sentence on the leader of the Muslim Brotherhood and 682 supporters, intensifying a crackdown on the movement that could trigger protests and political violence ahead of an election next month. A death penalty for Mohamed Badie, the Brotherhood’s general guide, will infuriate members of the Brotherhood which has been the target of raids, arrests and bans since President Mohamed Mursi was forced from power by the military in July. The movement says it is committed to peaceful activism. But some Brotherhood members fear pressure from security forces and the courts could drive some young members to violence against the movement’s old enemy the Egyptian state. In a separate case, the court handed down a final capital punishment ruling for 37 others. The 37 death sentences were part of a final judgment on 529 Muslim Brotherhood supporters who were […]

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Nigeria: Refineries – Why Nothing Worked

Some fifty-six years ago, Nigeria’s first barrel of crude oil made its uncertain entry into the global oil market. It was largely an event unnoticed. But with it, Nigeria put a knife to the string that bound it to the stake of poverty. It took a leap into that very desirable and rarefied realm of the dollar, petrodollar. The country’s vast forests of cocoa and palm trees, its pyramids of groundnuts rising like sculptured mountains into the sky and its extensive fields of cotton began their retreat as the wheels of fortune, oil fortune, rumbled on carrying Nigeria into the comity of nations blessed by God. Among the more than 40 countries on the face of the earth endowed with crude oil, there is none that does not have its refineries. Whereas Venezuela, a country the size of Lagos State in Nigeria and the ninth largest exporter of crude […]

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Ghana: “Ghana Managing Oil Revenues Well”

A UNITED States non-governmental organization, praised Ghana for managing oil revenues properly. The Revenue Watch Institute, the NGO, has released research indicating that the Ghana Petroleum Funds meet 13 of 16 good governance fundamentals. Researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance. "Together, the Ghana Stabilization Fund and the Ghana Heritage Fund manage more than US$450 million," said Emmanuel Kuyole, Africa Regional coordinator for Revenue Watch. "Thanks to strong legal provisions, citizens have information on how much is deposited, invested and earned. This transparency is a significant gain. Too much sunshine does not spoil anything." Revenue Watch economic analyst, Andrew Bauer, presented the research in Accra. He said Ghana’s good management of its saved funds demonstrates compliance with the provisions of the Petroleum Revenue Management Act. "This must also extend to the act’s requirement […]

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Ghana: "Ghana Managing Oil Revenues Well"

A UNITED States non-governmental organization, praised Ghana for managing oil revenues properly. The Revenue Watch Institute, the NGO, has released research indicating that the Ghana Petroleum Funds meet 13 of 16 good governance fundamentals. Researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance. "Together, the Ghana Stabilization Fund and the Ghana Heritage Fund manage more than US$450 million," said Emmanuel Kuyole, Africa Regional coordinator for Revenue Watch. "Thanks to strong legal provisions, citizens have information on how much is deposited, invested and earned. This transparency is a significant gain. Too much sunshine does not spoil anything." Revenue Watch economic analyst, Andrew Bauer, presented the research in Accra. He said Ghana’s good management of its saved funds demonstrates compliance with the provisions of the Petroleum Revenue Management Act. "This must also extend to the act’s requirement […]

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Libya rebels warn Tripoli oil ports to stay closed unless deal implemented

A rebel group in eastern Libya that controls several oil ports said on Thursday it would not reopen the key Ras Lanuf and Es Sider terminals unless the government implemented its part of a recent deal to end the oil blockade. In a sign of further delays to restart vital oil exports from the volatile east, rebels said the Tripoli government had failed to fulfill its part of the accord reached this month. Diplomats expect both sides to implement the deal eventually as the country badly needs the oil revenue but tactical maneuvers and mutual mistrust are likely to cause delays. The row is part of chaos in the North African country where the government cannot control militias who helped oust Muammar Gaddafi in 2011 but have held on to their weapons to make political and financial demands by seizing oilfields or government ministries. "The government […]

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Libya’s oil output falls amid uncertainty

Libya’s oil production is currently around 220,000 barrels a day as several western oilfields remain closed due to protests, a spokesman for state-run National Oil Corp (NOC) said on Tuesday. The El Sharara, El Feel fields and oil condensates production at the Wafa field were still shut down, NOC spokesman Mohammed El Harari said. Libya’s oil production was 1.4 million bpd until July when a wave of protests at oilfields and ports started across the North African country. There were indications that a protest at the 340,000 bpd-El Sharara field might end but there were still issues with the pipeline where a separate protest had taken place in the past, El Harari said. A decision has also yet to be made on when the eastern Zueitina port might reopen, he said. The government reached an agreement with rebels in the east to reopen the 70,000 bpd-Zueitina and three […]

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Militant group in Egypt says it killed officer

An Islamic militant group in Egypt has claimed responsibility for a bombing that killed a senior police officer the day before. It says the attack was in retaliation for the killings and arrests by government forces of supporters of the country’s ousted Islamist president. Thursday’s statement by Ajnad Misr, or "Egypt’s Soldiers," a group which first appeared in January, was posted on its Facebook page. It carried photographs of the slain officer, Brig. Gen. Ahmed Zaki, a commander in the riot police, showing him riding in a blue pick-up truck. The group claimed Zaki used a truck with no police insignia as a "disguise" for fear of being targeted. Attacks against Egyptian forces have escalated since the military last summer removed Islamist President Mohammed Morsi.

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Bombing in Cairo kills senior Egypt police officer

Egyptian security officials say a senior police officer has died after an explosive device placed under his car went off in a western Cairo suburb. The officials say Brig. Gen. Ahmed Zaki was heading to work from his home in 6th of October suburb when the bomb detonated on Wednesday morning. The officials say the explosion critically wounded Zaki and he later died in the hospital. The officials spoke on condition of anonymity because they were not authorized to speak to media. Attacks against Egyptian police and military have stepped up as militant groups wage an increasingly violent campaign following the ouster of Islamist President Mohammed Morsi. Since Morsi was removed by the military last July, more than 1,300 protesters, mostly pro-Morsi supporters, and over 450 troops have been killed.

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Nigerian Firms Win Big in U.S.$40 Billion Oil Contract Awards

The Nigerian National Petroleum Corporation (NNPC) has awarded yearly crude oil lifting contracts worth about $40 billion to mostly Nigerian companies, and by so doing, downsizing contracts awarded to international oil traders. In a break with tradition, no contracts were given directly to foreign traders such as Glencore, Trafigura and Vitol, with only Switzerland’s Mercuria winning a contract, according to a list obtained by Reuters news agency. By this development, global traders need to partner with the local companies to access crude from Nigeria, Africa’s top producer. The crude lifting contracts cover around 340 million barrels of oil, worth close to $40 billion annually based on current Brent prices, and run for a year, though they can be renewed. They were allocated to just 28 companies, as against about 50 in 2012. The list, released by the NNPC, according to the newswire is preliminary and subject to revision. A […]

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Ghana’s Oil Exploration Quagmire – Date Published: April 15, 2014

As Ghana strives harder to escape the quagmire of oil curse which is the vile menace of oil and gas producing countries in third world countries across the globe, there are already looming signals that Ghana is virtually losing its gravity and battles to the foreign partners in her oil and gas industry. This is resulting due to the suicidal and legal goof the country made from the start when oil and gas production licenses were issued to International Oil Companies (IOCs) at the time most of necessary regulatory authorities, legal frameworks and policies that would hold them account were absent. The regulatory authorities such as Petroleum Commission, and Ghana Gas Company and regulatory frameworks such as the Petroleum Revenue Management Bill, Petroleum Commission Act, and the very belated Local Content Policy, among others, were put in place, a year or more, after commercial production of oil and gas […]

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Ghana's Oil Exploration Quagmire – Date Published: April 15, 2014

As Ghana strives harder to escape the quagmire of oil curse which is the vile menace of oil and gas producing countries in third world countries across the globe, there are already looming signals that Ghana is virtually losing its gravity and battles to the foreign partners in her oil and gas industry. This is resulting due to the suicidal and legal goof the country made from the start when oil and gas production licenses were issued to International Oil Companies (IOCs) at the time most of necessary regulatory authorities, legal frameworks and policies that would hold them account were absent. The regulatory authorities such as Petroleum Commission, and Ghana Gas Company and regulatory frameworks such as the Petroleum Revenue Management Bill, Petroleum Commission Act, and the very belated Local Content Policy, among others, were put in place, a year or more, after commercial production of oil and gas […]

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Libya expects delays at key oil terminal

Libyan Justice Minister Salah al-Mergahani said the Zueitina oil terminal in the east of the country remains closed because of technical problems.Eastern rebel leaders vying for more autonomy over a region known as Cyrenaica blocked the export terminals of Es Sider, Ras Lanuf and Zueitina in July. The Libyan government in early April reached a deal with eastern rebel leaders to re-open the ports. Merghani said, however, the long closure meant operations couldn’t return to normal. "There is some damage (at Zueitina port) due to the long closure," he said Sunday. Libya before civil war erupted in 2011 was exporting more than 1.4 million bpd. The Organization of Petroleum Exporting Countries said member state Libya produced less than 300,000 bpd in March, the last full month for which data are available. The justice minister said the central government and rebel negotiators were still at odds over who would sit […]

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S. Sudan Rebels Killed Hundreds on Ethnic Basis, UN Says

Rebels allied to former Vice President Riek Machar who seized the city of Bentiu last week killed hundreds of civilians seeking shelter there, after determining their ethnicity or nationality, the United Nations Mission in South Sudan said. “These atrocities must be fully investigated and the perpetrators and their commanders shall be held accountable,” Raisedon Zenenga, the officer in charge of the mission, said in a statement on its website late yesterday. Rebel forces said on April 15 that they had gained control of Bentiu, the capital of oil-rich Unity state, after clashes with government forces. The conflict in the world’s newest state, between factions loyal to President Salva Kiir and his former deputy Machar, erupted in December and has left thousands of people dead and driven a million from their homes, according to the UN. The UN mission said opposition forces entered a mosque in Bentiu where hundreds of […]

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14 Algerian soldiers killed in ambush

Attack on troops tasked with protecting polling stations appeared to carry message for returning president Insurgents ambushed an Algerian military convoy in the mountainous Kabylie region, killing 14 soldiers, the state news agency reported Sunday. The attack came two days after Algeria’s presidential election . The attack near the village of Iboudraren began at 10 p.m. Saturday with 11 soldiers being killed immediately and another three succumbing to their wounds, the agency said. A local official said a large group of insurgents hid on both sides of the road and opened fire with automatic weapons as the military bus drove by. He spoke on condition of anonymity because of the sensitivity of the subject. The region has been the site of past clashes, including one three years ago that killed 13 soldiers at an army post. That attack was claimed by the Algeria-based Al-Qaida in the Islamic Maghreb. There […]

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Libya expecting oil sector to recover

Libya’s oil sector may be able to make up for losses incurred by a rebel blockade as soon as production and export levels return to normal, a spokesman said. The central government in Tripoli brokered a deal April 6 with eastern rebel leaders to re-open export terminals. An eight-month blockade from rebels seeking more autonomy for the region known as Cyrenaica cut Libya’s oil export potential drastically. Mohamed al-Harari, a spokesman for Libya’s state-run National Oil Corp., told pan-Arab daily news agency Asharq al-Awsat the ports of Ras Lanuf and Sidra could open next month following further talks with rebel leaders. "Talks must resume to open the remaining ports," he said in an interview published Thursday. "We have suffered great losses from this [crisis], but we will be able to make up these losses once production and export levels are back to normal." The re-opened ports, Zuetina and Harega, […]

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Egypt: Cabinet – No Rise in Electricity, Diesel’s Prices

Following the Cabinet meeting on Thursday, Cabinet Spokesman Ambassador Hossam el-Qawish said that the subsidy system will be restructured in a way that does not affect the limited income brackets. He further urged the citizens to rationalize consumption in electricity He asserted that there are no rises in prices of electricity or diesel, adding that next summer would not witness a lot of blackouts. He pointed out that there would specific times for blackouts until a radical solution to the electricity crisis is reached. Copyright © 2014 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media ( allAfrica.com ). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals , representing a […]

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Egypt: Cabinet – No Rise in Electricity, Diesel's Prices

Following the Cabinet meeting on Thursday, Cabinet Spokesman Ambassador Hossam el-Qawish said that the subsidy system will be restructured in a way that does not affect the limited income brackets. He further urged the citizens to rationalize consumption in electricity He asserted that there are no rises in prices of electricity or diesel, adding that next summer would not witness a lot of blackouts. He pointed out that there would specific times for blackouts until a radical solution to the electricity crisis is reached. Copyright © 2014 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media ( allAfrica.com ). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals , representing a […]

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South Sudan: Dozens dead as group opens fire in U.N. base

At least 58 people were killed Thursday when a group of armed civilians pretending to be peaceful protesters delivering a petition to the United Nations in South Sudan  forced their way into a U.N. base sheltering some 5,000 civilians and opened fire, the world body said. Among those killed in the attack on the base in Bor in northern Jonglei state were 46 internally displaced persons and 12 attackers, according to the U.N. Mission in South Sudan. No U.N. staff were killed, they said.  Another U.N. spokesperson said about 100 had been injured. Two U.N. peacekeepers were wounded repelling the armed intruders, the U.N. said. The United Nations has reinforced security at Bor, and South Sudan’s government has sent troops to secure the base. More than 1 million people have fled their homes since  fighting erupted in the world’s youngest country in December between troops backing President Salva Kiir and soldiers loyal to his sacked Vice President […]

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Nigeria: U.S. to Help Nigeria On Crude Oil Theft

The United States Ambassador to Nigeria yesterday said his country was willing to help Nigeria tackle crude oil theft. Mr James Entwistle said this at the opening of this year’s edition of a multi-national military exercise in Lagos, codenamed Obangame Express 2014. He said a report has been prepared on a request made by Nigeria on ending crude oil theft. "As many of you are aware, last September, when President Jonathan and President Obama met in New York, we were asked to help your government in the struggle against oil bunkering. We sent out an inter-agency delegation and have delivered a report to your government," he added. The ambassador said: "US remains absolutely committed to collaborating with and supporting Nigeria in its ongoing efforts to increase maritime safety and security in the region." Earlier, Chief of Naval Staff Vice Admiral Usman Jibrin told journalists that the Navy […]

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Oil Tanker Starts Loading First Crude From East Libya in Months

An oil tanker started loading crude at Libya ’s eastern port of Hariga as the region exports oil for the first time since July after civil unrest decimated the North African country’s production and shipments. The Aegean Dignity started to load Hariga terminal at 11 a.m. local time, Mohamed Elharari, spokesman for state-run National Oil Corp., said by phone today. The operation will take about 24 hours. The shipment is for Italy , according to a statement from NOC subsidiary Arabian Gulf Oil. “This is the first loading in around nine months from any of the rebel-controlled ports in the east and the first concrete positive from the deals announced just over a week ago,” Richard Mallinson, Energy Aspects analyst in London , said by phone yesterday. “But it is worth remembering that the market is only taking this as a very limited positive development” because other terminals remain […]

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South Sudan: Bad News for Beijing As Machar Attacks Oil Fields

The current conflict in South Sudan has now lasted nearly half a year, killing thousands and displacing hundreds of thousands of South Sudanese. Oil, South Sudan’s only major source of revenue, has neither been the reason for nor the focus of the conflict up to this point. But this is rapidly changing as the flow and whereabouts of the oil revenue, as well as the security of the oil fields themselves, moves to the very centre of the conflict. Although production is only at half-capacity, oil revenue continues to fill Juba’s coffers with roughly $15 million a day. The income from the oil sector is the main financial support for the government of Salva Kiir in Juba and its armed fight against former vice president Riek Macher and rebel groups. Riek Machar has, in recent weeks, been struggling to maintain his fight against the government, in part due to […]

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Total Finds Oil in Deep Offshore Ivory Coast

French oil major Total SA (TOT) Thursday said it has found oil while drilling in deep offshore Ivory Coast. The company said it found liquid hydrocarbon below 2,300 meters of water. Total will now evaluate the extent of the find, it said in a statement. "Drilled in an abrupt margin play, this first well is the first discovery in the San Pedro Basin, a frontier exploration area in Ivory Coast," said Marc Blaizot, the senior vice president for exploration at Total. "Having confirmed the presence of a petroleum system containing light oil, we will next evaluate this very promising find." Total operates in Ivory Coast in a partnership with Canada’s CNR International and French PETROCI Holding. Total owns 54% in the joint venture, CNR 36% and PETROCI the remaining 10%. Write to Inti Landauro at [email protected]

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Nigeria: Is It Scarcity of Fuel or Pump Price Increment?

IN the last two months, Nigerians have groaned under the pain of fuel scarcity. Since February they have been wondering if and when solution would be found to the persistent scarcity. Their wondering has turned into fear that this scarcity is another ploy by government to increase the pump price of fuel. This fear was first expressed soon after the scarcity became evident across the country. The reason for this was simply because of the speculation which began towards the end of last year that government planned to increase the price of fuel. The planned strike of oil workers early this year to protest against the privatisation of refineries, many thought, was aimed at thwarting the increment in fuel prices that was seen as the expected outcome of privatisation. There were assurances thereafter that the refineries would not be privatised and for which reason the strike was called off. […]

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