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Sunday, 4 May 2025

Libya’s biggest oil port may open in August, rebels say

Libya’s largest oil-export terminal, the port of Es Sider, may re-open in August after the North African nation’s new parliament takes office, said a spokesman of the rebel group that shut the facility almost a year ago.


“It’s possible to solve all issues and get to an agreement to re-open Es Sider and Ras Lanuf when the new parliament starts working, God willing, after Ramadan,” Ali Al-Hassy, a spokesman of the Executive Office for Barqa, said by phone from eastern Libya.


Ras Lanuf is the second of two ports still under control of the Barqa rebels. The Muslim fasting month of Ramadan started today, June 29, in Libya and will finish with the Eid El Fitr holiday at the end of July.


The rebels’ Executive Office for Barqa seeks self-rule for the region known also as Cyrenaica. It occupied oil ports in eastern Libya at the end of last July, demanding an oil-revenue sharing agreement to make up for the neglect the area experienced under Muammar Qaddafi’s 42-year rule.


Libya, with Africa’s largest oil reserves, is now producing about 300,000 bpd, or a fifth of its output before Qaddafi was overthrown in 2011. The loss of the country’s oil production has boosted the price of Brent, a benchmark for half the world’s traded crude.


Deal


Under an agreement reached on April 6, the Barqa federalists handed over control of Zueitina and Hariga, two of the four oil ports they seized a year ago. In return, they received an amnesty and the payment of salaries for defectors from Libya’s Petroleum Facilities Guard who joined the rebels.


The accord calls for a second round of talks aiming at a comprehensive deal that would allow the re-opening of the two remaining ports, Es Sider and Ras Lanuf.


The Barqa federalists last month threatened to cancel the April agreement in protest over the appointment as prime minister of Ahmed Maiteg, whom they see as allied with the nation’s Islamists. His appointment was later withdrawn, and elections were held last week for a new parliament.


Danske Bank on June 19 raised its third-quarter forecast for Brent crude to $107 a barrel, from $104, on the turmoil in Iraq and the protests at oil sites in Libya. “We expect the oil price to stay in the $108-114 a barrel range over coming months, as it will take some definitive progress in Iran and Libya for the oil price to break below this range,” it said.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.

Saturday, 4 January 2025

Oil falls as Libyan supply seen rising, Iraq output remains safe

West Texas Intermediate fell for a sixth day, the longest losing streak since May 2012, while Brent slid amid speculation that crude supplies will increase after Libyan rebels agreed to hand over two export terminals.


Futures dropped as much as 0.5% in New York. Libya is reopening the Es Sider and Ras Lanuf facilities after reaching an agreement yesterday, July 2, with a group that blockaded ports in the country’s east in the past year, said Ahmed al-Amin, a government spokesman. Fighting in Iraq, OPEC’s second-largest producer, still hasn’t spread to the south, home to more than three-quarters of its crude output.


“Libya will just add more supply, and the world is awash with oil,” Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, said by phone. “There’s nothing new from Iraq and investors are starting to realize that there’s not going to be a major affect in terms of supply.”


WTI for August delivery declined as much as 53 cents to $103.95 a barrel in electronic trading on the New York Mercantile Exchange and was at $104.11 at 2:38 p.m. Sydney time. The contract fell 86 cents to $104.48 yesterday, the lowest close since June 11. The volume of all futures traded was about 5% above the 100-day average. Prices have gained 5.8% this year.


Libyan Supply


Brent for August settlement dropped as much as 52 cents, or 0.5%, to $110.72 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.95 to WTI. The spread narrowed for a third day yesterday to close at $6.76.


Libya’s biggest and third-largest oil ports were handed over in a gesture of support for the newly elected parliament, according to a spokesman for the group that calls itself the Executive Office for Barqa. Es Sider and Ras Lanuf, which can handle a combined 560,000 bpd of crude, may boost Libya’s export capacity almost five-fold.


The rebels, who are seeking self-rule for a region known as Cyrenaica, occupied the facilities in July last year, demanding to share oil revenues to make up for neglect experienced under Muammar Qaddafi’s 42-year rule. Libya, a member of the Organization of Petroleum Exporting Countries, holds Africa’s biggest reserves.


U.S. Stockpiles


In Iraq, oil production has mostly been unaffected by an Islamist insurgency in the north. The country will ship 2.8 MMbpd this month, close to a record high, loading programs obtained by Bloomberg show.


Crude inventories in the U.S., the world’s largest oil consumer, shrank by 3.2 MMbbl to 384.9 million in the week ended June 27, the Energy Information Administration reported yesterday. Supplies were projected to decrease by 2.4 million, according to the median estimate in a Bloomberg News survey of 10 analysts.


Gasoline stockpiles slid by 1.24 MMbbl, the first drop in five weeks, said the EIA, the Energy Department’s statistical arm. Distillate fuels, including heating oil and diesel, climbed by 975,000 bbl to 121.5 million, the highest level since Jan. 10.


WTI’s decline may stall as it approaches technical support, data compiled by Bloomberg show. Futures are trading along an upward-sloping trend line extending from the intraday lows of May 1 and June 5, at about $104 a barrel today. Buy orders tend to be clustered along chart-support levels.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.

Friday, 6 September 2024

Total’s 'Disappointment' with Angola LNG adds to output gap

Angola LNG, a $10 billion LNG plant halted in April due to a leak, has proved to be a disappointment for Total.


“The real concern is that we are at least one year late and even much more than that in terms of start of production,” Yves-Louis Darricarrere, head of upstream, said in an interview.


Angola LNG, which produces the super-chilled fuel for spot deliveries to destinations from South Korea to Brazil, is expected to restart in the middle of next year. The plant has experienced halts since production started last June after an 18 month delay caused by several fires and accidents.


Total, with a 13.6% stake, is “missing” about 25,000 boepd in natural gas due to the halt, Darricarrere said. “It’s a disappointment, but at the same time for us it’s marginal.” The French company has sent experts to the site, he said.


The halt adds to output gaps this year for Total at Kashagan in Kazakhstan, where leaky pipelines must be replaced, and the loss of a concession in Abu Dhabi. The company targets increased production over the coming years, a goal that will be helped by the start of production at the Clov field off Angola in June, 2014.


Angola LNG was running at about 50% of planned capacity before the latest incident because the composition of the plant’s associated gas supply required additional equipment, Chevron, the operator and largest shareholder, has said.


The April incident took place during the commissioning and testing phase as part of a ramp up to full LNG production.


Chevron holds 36.4% of the project, with Sonangol EP owning 22.8%. Total, BP and Eni each hold 13.6%, according to Angola LNG’s website.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.

Thursday, 9 May 2024

Sonde seeks alternatives for Joint Oil block in North Africa

Sonde Resources reported the following operational updates of North Africa.


In March 2014, Sonde retained Taylor-DeJongh to initiate a process to explore and evaluate potential strategic alternatives to enhance shareholder value with regard to the Joint Oil Block. The process has included discussions with in excess of twenty international petroleum entities and financial institutions. Several interested parties have executed confidentiality agreements, met with management and staff and are evaluating the data provided in the virtual data room.


The preparations for drilling the Fisal-1 well have progressed. All long lead materials (casing and drilling support material) have been ordered and initial deliveries have arrived in Sfax, Tunisia (shore base).
 
Preparations are underway to perform the site surveys in anticipation of commencing drilling operations in early Q4 of 2014.


The 3D seismic survey acquired in late 2013 has been processed and initial evaluation of the data confirms the potential nature of the Hadaf structure in Libyan waters. Detailed interpretation work of the processed seismic data is underway.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.

Wednesday, 10 January 2024

CAMAC Energy spuds Oyo-8 development well offshore Nigeria

CAMAC Energy reported that the Oyo-8 development well was spudded on June 15, 2014. The Oyo-8 well is located offshore Nigeria in OML 120, where CAMAC Energy is the operator and owns a 100% working interest.


This development well lies within the Oyo field, which was one of the first deepwater oil discoveries made in Nigeria. The Oyo field is located approximately 75 km offshore Nigeria in water depths of approximately 300 m.


Oyo-8 will be drilled by the Northern Offshore Energy Searcher drillship to a total depth of approximately 1,800 m in water depths of approximately 310 m, and will produce from the Pliocene reservoir. The Oyo-8 well is expected to commence production in the Q4 and, together with the Oyo-7 well which will be completed subsequent to the Oyo-8 well, is expected to significantly increase production from the Oyo Field.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.

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