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2018-06-25 12:10:00

LIBYA RETAKES OIL

LIBYA RETAKES OIL

PLATTS - The Libyan National Army has retaken the key eastern oil terminals of Ras Lanuf and Es Sider that shut 450,000 b/d of crude production, the head of the state-owned National Oil Corp. said Friday.

NOC Chairman Mustafa Sanalla disputed statements by militia leader Ibrahim Jadhran that the facilities were still under attack.

"He tried to have legitimacy and we will not give him any legitimacy," Sanalla told reporters before the OPEC meeting.

Sanalla said 450,000 b/d of Libyan production has been offline for "eight or nine days," and he hoped it would restart in a "couple of days." Libyan output was 950,000 b/d in May, before the armed clashes between rival militia groups at the terminals last week, according to the latest S&P Global Platts OPEC survey.

NOC declared force majeure last week on loadings from Es Sider and Ras Lanuf, which had been set to load around 420,000 b/d in June.

Ras Lanuf had five operational storage tanks, storing up to 950,000 barrels. The loss of the two tanks has reduced its total capacity by 400,000 barrels to just 550,000 barrels, NOC said Monday.

Along with Brega and Zueitina, the Ras Lanuf and Es Sider terminals serve the Sirte basin, a collection of oil and gas fields in central and eastern Libya that account for around 650,000 b/d, roughly two thirds of the country's production.

OPEC is meeting to decide the future of its production cut agreement.

Libya was exempted from the cuts when the deal went into force in January 2017, but for 2018, it was given a loose cap of around 1 million b/d.

Sanalla said he supports the tentative deal to ease the quotas by 1 million b/d.

"I think so, it is good," he said. "Our attention is to restore our quota and our production. We are working very hard to resume operations, to restore our quota."

Sanalla said NOC was looking at opportunities to work more with Russia's Rosneft.

"We have cooperation with Rosneft for the trading," he said. "For other issues, we are in the process to see what we can do. Rosneft has the technology, the know-how."

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Earlier: 

 LIBYA'S OIL PRODUCTION DOWN 400 TBD
2018, June, 20, 12:40:00

LIBYA'S OIL PRODUCTION DOWN 400 TBD

PLATTS - Libyan crude production has fallen around 400,000 b/d -- or nearly halved -- due to militia attacks on the eastern oil terminals of Ras Lanuf and Es Sider, the head of the countrys National Oil Corp. said Tuesday.

 LIBYA - OPEC AGREEMENT
2017, December, 8, 17:10:00

LIBYA - OPEC AGREEMENT

BLOOMBERG - With a fragile political accord barely holding the country together, Libya faces an array of challenges preventing its return to the output levels of about 1.6 million barrels a day pumped before the 2011 uprising against Muammar Qaddafi.

 LIBYAN OIL PRODUCTION 1 MBD
2017, October, 23, 11:15:00

LIBYAN OIL PRODUCTION 1 MBD

Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.

 OIL OUTPUT CONSENSUS
2017, July, 24, 13:55:00

OIL OUTPUT CONSENSUS

With prices still languishing below the $55-$60/b that some ministers have said they are targeting, some market watchers say OPEC and its non-OPEC partners have no choice but to deepen cuts to make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members.

 LIBYA NEEDS $100 BLN
2017, January, 26, 18:45:00

LIBYA NEEDS $100 BLN

Libya froze all new foreign investment in 2011 after the civil war that toppled strongman Moammar Gadhafi. International oil companies such as Total SA of France and ConocoPhillips have long had operations in Libya, and Eni SpA of Italy has found ways to keep pumping even as clashes among warring militias and Islamic State damaged the country’s oil infrastructure.

 LIBYA WON'T CUT
2016, November, 28, 18:45:00

LIBYA WON'T CUT

"Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future," NOC Chairman Mustafa Sanalla told delegates at the Arab-Austrian Economic Forum in Vienna on Friday, according to an NOC statement.

 LIBYA'S OIL PRODUCTION: 300 TBD
2016, September, 19, 18:40:00

LIBYA'S OIL PRODUCTION: 300 TBD

Oil traders have closely watched the situation in Libya, where production now stands at about 300,000 barrels a day—a level that Libyan officials say they could quickly ramp up again if oil ports remained open and secure for an extended period.

Tags: LIBYA, OIL

Chronicle:

LIBYA RETAKES OIL
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

LIBYA RETAKES OIL
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

LIBYA RETAKES OIL
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

LIBYA RETAKES OIL
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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