India's ONGC wants US approval for two projects in Venezuela
Rajarshi Gupta, the managing director of ONGC Videsh Ltd in India, said that the company is looking for U.S. permission to run two projects to increase production in Venezuela. Gupta said that ONGC wants to obtain a license similar to the one granted to U.S. oil giant Chevron for operating oil fields in Venezuela. "We have requested a license to allow us to run our two projects. The approval will allow us to operate our two projects using U.S. entities and dollars. "We will use the funds to operate these projects", Gupta said. He said that if the approval was granted…
Libya's NOC to Lift Force Majeure at Es Sider Oil Port
Libya's National Oil Corporation (NOC) said on Wednesday that it is ready to lift force majeure at Es Sider oil port, allowing a tanker on standby to load crude from storage.The state oil company urged all Libyan parties to support it and called on what it described as "foreign mercenaries and armed groups" to leave the oil port immediately.The Delta Ocean Suezmax tanker arrived at the port on July 5 and has been waiting since then, according to Refinitiv Eikon data.The tanker was chartered by trader Unipec, according to a shipping and a trading source.
Libya says Probe of Seized Tanker to Start After Quarantine
Libya's internationally recognized government will start an investigation into a tanker over alleged sanctions-breaking after a period of quarantine ends in two weeks, the coast guard commander who seized the vessel said on Wednesday.The coast guard at Misrata seized the Gulf Petroleum 4 three days ago, Rida Issa said, after the National Oil Corporation (NOC) said the tanker had broken an arms embargo and other international agreements by offloading jet fuel in Benghazi.Benghazi is the seat of a parallel administration in the east whose Libyan National Army (LNA) has been trying for a year to capture the capital Tripoli…
NOC Plans Production Boost
Libya's National Oil Corporation planned to raise production to 2.1 million barrels per day (bpd) by 2024, Chairman Mustafa Sanalla said in a statement on Wednesday.Sanalla added that NOC was on track to reach more than $20 billion in annual revenue.There were also plans to restore production at damaged oilfields and to raise gas production to 3.5 billion cubic feet by 2024.The plans will cost $60 billon, including $15 billion from public funds.(Reporting by Alaa Swilam and Aziz El Yaakoubi; editing by David Evans)
Equinor Lines Up Floating Wind in S.Korea
Equinor and South Korea's state-owned National Oil Corporation (KNOC) will explore opportunities to develop commercial floating offshore wind farms in South Korea, the Norwegian company said on Friday.South Korea aims to reduce its dependence on nuclear and coal power, targeting an increase in the share of renewable energy to 20 percent by 2030, compared with 7.6 percent in 2017, the country said last year.Equinor says this translates to a target of 49 gigawatts (GW) of new generation capacity.KNOC plans to develop a 200 MW floating offshore wind project 58 km off the coast of Ulsan City, the Norwegian company added."South Korea has large potential and offers at
Bahr Essalam Phase Two to Finish by End 2018
Seven remaining wells are expected to be online at Libya's Bahr Essalam offshore gas field by the end of the year, the Libyan National Oil Corporation (NOC) said in a statement on Sunday.The statement came after a meeting between NOC Chairman Mustafa Sanalla and Eni CEO Claudio Descalzi.
Oil Rises as U.S. Sanctions on Iran Squeeze Supply
Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent, at $68.64 a barrel.WTI's discount to Brent <CL-LCO1=R> widened to as much as $10.38 a barrel, its deepest since June 20."Widening Brent-WTI differentials in association with a strengthening Brent curve and expanding NYMEX crack spreads continue to keep us in a cautious bullish frame of mind…
Gunmen Attack Headquarters of Libya's State Oil Firm
Several armed men attacked the headquarters of Libya's National Oil Corporation (NOC) in the capital Tripoli on Monday, killing at least two oil staff, a security official said.In the first attack of its kind against the top managers of Libya's state oil industry, two of the gunmen were also killed and at least 10 NOC staff wounded, officials said.Security forces said they had regained control of the landmark glass-fronted building in the centre of the city.The attack came less than a week after a fragile truce halted fierce clashes between rival armed groups in Tripoli…
Libya's Oil Output Down Sharply in 2018
Libya's national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation (NOC) said in a statement on Monday.The NOC had not previously stated how high the country's production had climbed after partially recovering to more than 1 million bpd a year ago.In the video statement dated July 8 the chairman of Tripoli-based NOC, Mustafa Sanalla, said the Feb. 23 closure of the El Feel oilfield due to protests led to the loss of 80…
Oil Prices Climb on Global Demand and U.S. Sanctions on Iran
Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.Benchmark Brent crude oil was up 60 cents at $77.71 a barrel by 1330 GMT. U.S. light crude rose 10 cents to $73.90."Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S. sanctions," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.The United States says it wants to reduce oil exports from Iran…
NOC Declares Force Majeure on Zueitina, Hariga Liftings
Libya's National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, it said in a statement. "Despite our warning of the consequences and attempts to reason with the LNA General Command, two legitimate allocations were blocked from loading at Hariga and Zueitina this weekend," Tripoli-based NOC Chairman Mustafa Sanalla was quoted as saying. "The storage tanks are full and production will now go offline." Reporting by Aidan Lewis
Oil Tight on Libyan Port Struggles
Libyan oil production could face protracted disruption as factions in the east seek to seize control of crude exports, adding pressure to a tight global market. Eastern factions have tried to take over oil exports in the past but have struggled to find buyers because Western nations insist they will deal only with the internationally recognised National Oil Corporation (NOC) based in the Libyan capital of Tripoli. But this has not stopped eastern forces from seeking control of the ports, accusing Libya's western-based government of failing to share revenues fairly.
Struggle to Control Libyan Oil Ports Adds to Global Supply Worries
Libyan oil production could face protracted disruption as factions in the east have sought to seize control of crude exports, adding pressure to a tight global market.Eastern factions have tried to take over oil exports in the past yet struggled to find buyers as Western nations insist they will only deal with the internationally recognised National Oil Corporation (NOC) based in the Libyan capital of Tripoli.But this has not stopped eastern forces from seeking control of the ports, accusing Libya's western-based government of failing to share revenues fairly.The latest tussle for power has already slashed national production to about 600…
Oil Rises as Outages Balance Trade Dispute, OPEC
Oil prices rose on Tuesday, supported by production losses in Canada, Libya and from the Neutral Zone between Saudi Arabia and Kuwait, but under pressure from higher supply from elsewhere in OPEC and escalating trade conflicts.Brent crude was up 45 cents at $75.18 a barrel by 1335 GMT. U.S. light crude was 65 cents higher at $68.73.Kuwait's energy minister said on Tuesday crude production from jointly operated oilfields in the Neutral Zone shared with Saudi Arabia has halted due to technical issues. He told Kuwait's parliament output…
Oil Steady as Outages Balance Trade Dispute, OPEC
Libyan uncertainty supports Brent as * Canada outage lifts prompt U.S. crude prices. Oil prices steadied on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and escalating trade conflicts between the United States and other major economies. Brent crude was up 10 cents at $74.83 a barrel by 1045 GMT. U.S. light crude was down 10 cents at $67.98. Brent, the global benchmark, was driven up by uncertainty about oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries.
Libya's Internationally Recognized Government Pans Oil Port Decision
Libya's internationally recognised government said on Tuesday that a decision by rival forces to hand eastern oil ports to a National Oil Corporation based in the east would increase tension and deepen division in the North African nation. "Such actions increase tension and anger and do not serve the path of consensus or lead in any way towards reconciliation, but establish disunity and engrain division," the Tripoli-based government said in a statement. Reporting by Ahmed Elumami
Storage Tank at Libya's Ras Lanuf Oil Port Has Collapsed
One of two oil storage tanks ignited amid clashes at the Libyan oil port of Ras Lanuf has collapsed after burning for two days, a local engineer and a fire fighter said on Tuesday.Ras Lanuf's storage tank No. 12 was set on fire on Sunday, three days after another storage tank, No. 2 caught ablaze during an attack by an armed group.Libya's National Oil Corporation (NOC) has said that at least 400,000 barrels of storage capacity has been lost due the fires.Reporting by Ayman al-Warfalli Writing by Aidan Lewis
Libya Oil Output Slashed by Port Attacks
Libya has lost some 400,000 barrels per day (bpd) of oil production in recent days because of militant attacks at the Ras Lanuf and Es Sider ports, the head of the National Oil Corporation, Mustafa Sanalla, said on Tuesday.Sanalla said there were still militants present in the area of the terminals, which were closed on Thursday following an early morning attack by opponents of eastern-based Libyan commander Khalifa Haftar."We look to fight the fire first of all, stabilise the situation," Sanalla told reporters in Vienna ahead of a meeting of OPEC and non-OPEC producers on June 22-23."Our staff are working very hard in very difficult conditions.
Libya Ships Propane Gas to Italy
Libya has exported its first shipment of propane gas from the eastern port of Zueitina to Italy for four years, the National Oil Corporation (NOC) said on Wednesday. The cargo of 67,761 barrels was shipped on May 20 after a four-year stoppage at Zueitina's gas plant, NOC said. Writing by Aidan Lewis
Kenya's National Oil, Schlumberger Ink Field Development Deal
Kenya's National Oil Corporation and U.S. oil services company Schlumberger have agreed to finalise a field development plan on behalf of the government for oil blocks in the northwest of the country. The East African nation discovered commercial oil reserves in its Lokichar basin in 2012. National Oil said in a statement seen by Reuters on Friday that the agreement with Schlumberger would create a development blueprint for the field in the next year. "This FDP (field development plan) will provide the government with an independent view of the development of the Lokichar oil discoveries…
