Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2018-03-04 10:45:00

TOTAL BUYS IN LIBYA

TOTAL BUYS IN LIBYA

REUTERS - French energy company Total (TOTF.PA) substantially raised its presence in Libya with the purchase of a 16.33 percent stake in Libya's Waha concessions from U.S. Marathon Oil (MRO.N) for $450 million on Friday.

The deal will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent (boe), with immediate production of around 50,000 boe/d (per day) and"significant exploration potential" in concessions in the Sirte Basin, the company said in a statement.

"This acquisition is in line with Total's strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region," said Total CEO Patrick Pouyanne.

Total has been in Libya for decades and holds a production share of 31,500 boe/d in 2017 from concessions in the offshore Al Jurf field and the onshore Sharara field. It also has a share in Mabruk field, which has been closed for several years because of poor security.

The Waha Oil Company, a subsidiary of Libya's state-owned National Oil Corp (NOC), currently produces 300,000 boe/d, which is expected to rise to 400,000 boe/d by the end of the decade, Total said.

Other Waha stakeholders are NOC with 59.18 percent, ConocoPhillips (COP.N) with 16.33 percent and Hess (HES.N) with 8.16 percent.

The oil industry in OPEC member Libya has staged a partial recovery after being hit by blockades and armed conflict following an uprising seven years ago.

National production dropped to lows of about 200,000 barrels per day (bpd), before rebounding to 1 million bpd last summer.

It is still well under the 1.6 million bpd Libya was producing before 2011, and the industry has suffered continuing stoppages including the current closure of the southwestern El Feel field due to a protest by guards.

Waha is one of Libya's main export grades. It is shipped from the eastern port of Es Sider, which was blockaded by an armed faction between 2014 and 2016.

Es Sider and other ports in Libya's Oil Crescent are now controlled by the eastern-based Libyan National Army (LNA), which allowed the NOC to reopen them in late 2016.

FULL EXIT

Waha's chairman said in November that the company was aiming to increase output to 375,000 bpd by the end of 2018, but faced major funding shortfalls and challenges in maintaining damaged infrastructure.

"Production and reserves growth is a key deal driver," Woodmac VP for Corporate Analysis Luke Parker said."There's certainly upside from where we are today ... Realising this upside would see Total create significant value through the deal."

Marathon's sale marks a full exit from Libya, a move it has been considering since at least mid-2013 but has been prevented from doing so by the NOC.

"Our relentless focus on portfolio management has driven seven country exits since 2013 and generated proceeds of over $4 billion just in the last two years," said Lee Tillman, Marathon president and CEO.

In a regulatory filing in 2011, Marathon valued the Waha asset at $761 million. At the time, oil prices LCOc1 were roughly double where they stand today. Brent was trading above $63 a barrel on Friday.

"They received what we consider a pretty good price for the asset given that it was considered non-core," said Jason Gammel, equity analyst at U.S. investment bank Jefferies.

He said Total were"probably better able to manage the geopolitical risk of a wide-base of operations across the Middle East."

The Marathon sale marks the second exit for a U.S. company from Libya in recent years.

Occidental Petroleum Corp (OXY.N) sold a 7 percent stake in the Nafoura oilfield to Austria's OMV (OMVV.VI) in late 2016.

-----

Earlier:

 N.Africa
2017, August, 31, 12:20:00

LIBYAN OIL DOWN 360 TBD

Three Libyan oilfields have gone offline and output has declined by 360,000 bopd after militia violence, the country’s NOC announced.

 

 N.Africa
2017, July, 28, 09:55:00

LIBYA'S OIL UP TO 1.069 MBD

Libya's oil production is 1.069 million b/d, and the country hopes to grow its output to as much as 1.25 million b/d this year, a source close to production said Monday.

 

 N.Africa
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.

 

 N.Africa
2016, December, 15, 18:55:00

LIBYAN OIL WILL UP

Operations have restarted at two key oil fields and a connected pipeline in Western Libya that have been shut down for over two years, Libyan officials said, following an agreement with local tribes.

 

 N.Africa
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.

 

 N.Africa
2016, November, 9, 18:50:00

LIBYA CAN INCREASE

Libya, a member of the Organization of Petroleum Exporting Countries, is struggling to boost crude production and exports since the NOC reached an agreement in September with Khalifa Haftar, the commander of forces controlling important oil ports. As a result of the deal, the country was able to ship 781,000 barrels from the port of Ras Lanuf on Sept. 21, the first international cargo from that terminal since force majeure was declared in December 2014.

 

 N.Africa
2016, September, 21, 18:50:00

LIBYA RISES PRODUCTION

Lybian crude output rose to 450,000 barrels a day after work resumed at some oil fields, Ibrahim Al-Awami, head of oil measurement department at state-run National Oil Corp., said by phone on Tuesday. Armed conflicts and political disputes have hurt the country’s production, which was 260,000 barrels a day in August.

 

 

 

 

 

 

Tags: TOTAL, LIBYA
TOTAL BUYS IN LIBYA September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

TOTAL BUYS IN LIBYA September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

TOTAL BUYS IN LIBYA September, 21, 10:45:00

UNEXPECTED OIL PRICES

TOTAL BUYS IN LIBYA September, 21, 10:40:00

OIL MARKET UNCERTAINTY

TOTAL BUYS IN LIBYA September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

TOTAL BUYS IN LIBYA September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

TOTAL BUYS IN LIBYA
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

TOTAL BUYS IN LIBYA
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

TOTAL BUYS IN LIBYA
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

TOTAL BUYS IN LIBYA
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »