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2014-07-09 18:30:00

LIBYA RESTARTS

LIBYA RESTARTS

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.

wsj.com

Tags: LIBYA, OIL, FIELD

Chronicle:

LIBYA RESTARTS
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

LIBYA RESTARTS
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

LIBYA RESTARTS
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

LIBYA RESTARTS
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

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