OIL AND GAS
Libyan oil production back to normal
by Daniel J. Graeber
Washington (UPI) Sep 8, 2017


Operations at the Sharara oil field in Libya, the country's largest, are back to normal following short-term "irregularities," an Austrian energy company said.

Mustafa Sanalla, the head of Libya's National Oil Corp., blamed "gangsters" for shutting down some of the pipelines tied to the Sharara oil field in late August. That followed a worker protest at Sharara earlier in the month and the NOC said more than 360,000 barrels per day of Libyan crude oil production had been shut in at a cost of $160 million.

A report from commodity pricing group S&P Global Platts, sent to UPI earlier this week, said Libyan crude oil production fell from July levels of 990,000 barrels per day to 830,000 barrels per day in August because of security issues at three of its key oil fields, including Sharara.

Platts said it heard from sources Wednesday that Sharara was back in service and Austrian energy company OMV, which has a role in field operations, confirmed Friday to UPI that production was back online.

"After some short-term irregularities production is back to normal," a spokesman for the company said.

Because of the oil revenue needed to address security concerns, Libya and Nigeria are members of the Organization of Petroleum Exporting Countries exempt from an agreement to curb production in an effort to draw on the surplus for the five-year average of global crude oil inventories.

U.N. special envoy to Libya Ghassan Salame told the Security Council last week that the security situation in parts of the country like Tripoli had improved and oil production was resilient enough for government authorities to work on a new budget with the Central Bank of Libya.

Libyan and Nigerian officials were invited to a late September meeting of a committee monitoring the OPEC-led agreement. According to Platts, the two countries combined are producing 480,000 barrels per day more than in October 2016, the month OPEC uses as a peg for production quotas.

OIL AND GAS
China's CEFC buys into Russian oil giant Rosneft
Moscow (AFP) Sept 8, 2017
Swiss commodities trader Glencore said Friday it is selling a major part of a stake it only recently acquired in Russian oil giant Rosneft to Chinese conglomerate CEFC. Glencore, which had teamed up with the Qatar's sovereign fund at the end of last year to acquire a 19.5-percent stake in Rosneft, said in a statement that it had now agreed to sell a holding of 14.16 percent on to CEFC. ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
S. Korea, US deploy missile defence amid China protest

S.Korea, US to deploy more anti-missile defences: Seoul

S. Korea launches missile drill after North's nuclear test

US cites its nuclear capabilities in defense against N.Korea

OIL AND GAS
Raytheon receives $614.5M for SM-3 Block IIA ballistic missile interceptors

Lockheed completes intitial design of helicopter-mounted missile jammers

Trump, Moon agree to end limits on payload of S. Korean missiles

British Royal Navy test fires Sea Ceptor missile

OIL AND GAS
Air Force preparing to launch fifth Orbital Test Vehicle mission

TED: Phones and drones transforming healthcare

Lockheed pairs drone with counter-UAS system

Drones relay RFID signals for inventory control

OIL AND GAS
82nd Airborne tests in-flight communication system for paratroopers

North Dakota UAS Training Center Depends on IGC Satellite Connectivity

Northrop awarded contract for support of Air Force communications system

Industry team demonstrates Low Cost Terminal for AEHF satellites

OIL AND GAS
LOC Performance receives $49.1 million Bradley upgrade contract

General Dynamics receives contracts for upgraded Abrams tanks

Black Hills receives $49.9M contract for special 5.56mm

British air force opens ground combat to women

OIL AND GAS
Trump pushes hardware to allies -- and ups pressure on N.Korea

United Technologies buying Rockwell Collins for $30 billion

Middle East conflicts boost Bulgarian arms exports

Defence firms eye billion-dollar chance for 'made in India'

OIL AND GAS
On third MH17 anniversary, families unveil 'living memorial'

India's army chief says China 'testing limits' after stand-off

NATO on guard ahead of major Russian war games

Russia-linked Facebook accounts stoked US divisions

OIL AND GAS
UMass Amherst environmental chemist flashes warning light on new nanoparticle

A more complete picture of the nano world

What the world's tiniest 'monster truck' reveals

Carbon nanotubes worth their salt