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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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.
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.
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.
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.