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 […]

Libya’s southern neighbours face uncertain funding future

Lingering animosity between Libya’s new transitional government and the country’s sub-Saharan neighbours has led some to worry that the region’s energy development could be stifled by a shift in focus northwards. While Libya and its southern neighbours do not share any substantial transport lines that might affect Central Africa’s export capabilities, many have looked to […]

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, […]

Money stuck in Libya worries Indian evacuees

Overseas Indian workers evacuated from Libya in February last year are caught between a rock and a hard place. The workers, including medical and dental teachers, may lose salaries amounting to lakhs with the political and economic instability in the country threatening to devalue the currency. While some workers managed to bring home a few […]

Germany’s 2011 oil import bill up 29.0 percent

Germany’s crude oil import bill for January-December 2011 rose 29.0 percent to 53.7 billion euros ($70.97 billion) from a year ago, as higher prices outweighed lower volumes, official data showed. Germany’s average border oil price in the period, at 592.72 euros a tonne, was up 32.9 percent from the year earlier, economic and foreign trade […]

AFM in Libya for bilateral talks

A delegation from the Armed Forces of Malta today met with the Libyan Armed Forces in Tripoli.  On arrival in Tripoli aboard an AFM Kingair aircraft, Brigadier Xuereb was met by Admiral Hassan Ali Bushnak, Chief of Staff of the Libyan Navy. The delegation proceeded to the General Headquarters of the Libyan Armed Forces where […]