Archive | Oil & Gas

MENA investment in oil to rise 11% in 2012

Middle East and North Africa (MENA) region spending on oil investment is forecast to increase 11 percent in 2012, industry analysts said, with the number of oil rigs expected to grow 14 percent as “a tremendous amount of exploration and development activity” in the region needs to go ahead. The just published “Oil & Gas: […]

Libya struggles to revive economy year after uprising

Oil exports are approaching pre-conflict levels and international sanctions have been lifted, but four months after fighting ended, experts warn that Libya’s financial situation remains fragile. The new leadership has inherited an economy in disarray, plagued by the corruption and mood swings of deposed ruler Muammar Gaddafi and his clan, who controlled Libya’s key oil […]

Libya struggles to revive economy

Oil exports are approaching pre-conflict levels and international sanctions have been lifted, but four months after fighting ended, experts warn that Libya’s financial situation remains fragile. The new leadership has inherited an economy in disarray, plagued by the corruption and mood swings of deposed ruler Moamer Kadhafi and his clan, who controlled Libya’s key oil […]

OPEC Shipments Increase on Libyan Production, Oil Movements Says

OPEC will raise shipments by 0.7 percent this month as Libya continues to restore production that was halted during last year’s uprising, according to tanker- tracker Oil Movements. The Organization of Petroleum Exporting Countries will export 23.38 million barrels a day in the four weeks to March 3, up from the 23.21 million barrels in […]

Eni Sees Challenging 2012 .

Eni SpA, one of Europe’s biggest oil companies by market value, Wednesday said the continent’s economic slowdown took a bite out of 2011 profit and warned that this year will also be “challenging,” as the slump hits its core market of Italy and other European nations. The Rome-based company suffered in 2011 from loss of […]

Eni Fourth-Quarter Profit Declines as Libyan Closures Cut Its Production

Eni SpA (ENI), Italy’s largest oil producer, reported a 9.5 percent decline in fourth-quarter profit as field closures in Libya cut output and natural-gas demand dropped. Adjusted net income dropped to 1.54 billion euros ($2 billion) from 1.7 billion euros a year earlier, the Rome-based company said today in a statement. The profit was in […]

Turkey sticks with Iran oil after Saudi talks

Turkey has no plans to cut its imports of Iranian oil, remaining a rare loyal customer of Tehran despite rising pressure from international sanctions and initial signals it may buy more Saudi oil, Turkish and Saudi sources told Reuters. The sources said Ankara’s intentions became clear after a high level delegation travelled to Riyadh over the […]

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Libya’s Sharara Field Reaches Output of 300,000 Barrels/Day

Libya’s Sharara oilfield has reached a production level of 300,000 barrels a day, state-owned National Oil Corp. said on its website. Sharara, which has a maximum production capacity of 340,000 barrels a day, is operated by Repsol YPF SA’s joint venture Akakus Oil Operations. The field is located in the Murzuq basin in southwestern Libya, […]