Total’s Profit Rises on High Oil Prices

French oil giant Total SA on Friday said 2012 has begun favorably and that it will step up investments over the next three years after it reported a 12.8% increase in fourth-quarter net income on high oil prices and in spite of weak downstream markets and stable output. The group plans to invest a net $20 […]

Germany’s Wintershall ramps up Libyan oil output: CEO

Wintershall, the second-largest foreign oil firm in Libya before the civil war, has boosted output in the country to three times what it was in the fall, but ageing pipeline infrastructure is limiting its production capacity, its CEO told Reuters. The company, the oil and gas unit of German chemicals group BASF, used to produce […]

Libya Expels Syrian Diplomats

The Syrian diplomats in Libya have been given a 72-hour deadline to leave the country. This move comes after they tried to take over the embassy from the Syrian National Council, SNC. Libya was the first country to recognise the SNC as the legitimate government of Syria. The Syrian embassy was attacked by protestors on […]

Libya extends Zueitina oil concession for 25 years

Libya has extended Zueitina Oil Company’s concession to operate its oilfields for another 25 years, a document signed by Prime Minister Abdurrahim El-Keib showed. The company, a subsidiary of Libya’s National Oil Corporation (NOC), was established in 1986 to operate Libyan oil assets that Occidental Petroleum had to abandon following U.S. sanctions against late leader […]

Atlantic basin suddenly surfeited with sweet crude-Campbell

Remember the great European sweet crude crunch of 2011? It is little more than a historical curiosity now. Instead an abundance of sweet crude is now weighing on prices in the Atlantic basin and facilitating arbitrage flows to Asia. This sweet crude surplus has been misunderstood by some observers, who have struggled to reconcile the […]

OPEC cuts 2012 oil demand forecast, pumps more

OPEC cut its world oil demand growth forecast due to economic weakness in Europe and the United States, taking the opposite view to the U.S. government’s energy forecaster and reflecting growing uncertainty over the outlook. The monthly report from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday also reported higher supply from its […]

Etisalat chairman to address TEDx Tripoli

Etisalat, a leading telecommunications company with operations in 17 markets across Africa, the Middle East and Asia, will share its ‘Broadband for all’ vision at the innovative TEDx Tripoli event in the Libyan capital next week (13 February, 2012). It is the first major conference to be held in Libya following the revolution and has […]