Archive | Oil & Gas

OPEC Pumps More Oil as Iraq Boost Offsets Iran Decline, IEA Says

OPEC’s crude oil production rose to the most in more than three years in March as Iraq boosted output and offset a decline in Iranian supply, according to the International Energy Agency. The 12 members of the Organization of Petroleum Exporting Countries pumped 31.43 million barrels a day of crude last month, up from a […]

Eni cooperates in U.S. probe into Libya contracts

Italian oil and gas group Eni is cooperating with U.S. authorities in a probe of oil contracts in Libya, its chairman said on Tuesday. "We are an open book. We are cooperating with authorities and we'll see how the situation develops," Giuseppe Recchi said on the sidelines of a conference when asked about an investigation […]

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Libya's oil could leave the country on a slippery slope

Libya historically was divided into three parts: Tripolitania in the west, Barca (Cyrenaica) in the east and Fezzan in the south. But now, with attempts to declare Barca a federal region, a cursory look would suggest old divisions have resurfaced, with oil playing a new and crucial role. About 3,000 people gathered in Benghazi last […]

Libya shines light on oil contracts

Libya has started investigating foreign oil companies over their past relationships with the former Muammar Gaddafi government, an investigator with the ruling National Transitional Council (NTC) said on Monday. Salem Qanan, who sits on the NTC's Oil Committee, said the government had requested documents from Libya's National Oil Corporation (NOC), which is in charge of […]

Libya oil purchases: talks at initial phase but Libya showing good will

Talks on oil and gas purchases from Libya at favourable rates are at an early stage, but Libya is showing good will, Finance Minister Tonio Fenech told The Sunday Times. Mr Fenech was contacted after the Libya Herald reported he held meetings with the Libyan Undersecretary at the Ministry of Oil and Gas, Umar Shakmak, […]

Libya, U.S. Probe Oil-Company Deals

Authorities in the U.S. and Libya are investigating oil giants such as Italy's Eni SpA and France's Total SA over their past relations with the fallen Libyan regime, potentially casting a cloud on the companies' ambitions to expand their foothold in the country with the largest oil reserves in Africa. Last year, a civil war […]

SEC Probing Eni, Total Over Libya Operations

The U.S. Securities and Exchange Commission has sent formal requests for information to Italy's Eni SpAand France's Total SA related to the companies' Libyan businesses, the companies disclosed in regulatory filings. The investigation is among the first new probes to be disclosed since the fall of Col. Moammar Gadhafi last year. Eni, the biggest foreign […]

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WAfrica Crude-Ample supplies depress Nigerian grades

Demand for Nigerian crude improved slightly on Wednesday but traders said differentials were yet to recover because of a large overhang of cargoes for April and May. Glencore sold a cargo of Akpo crude oil to India's BPCL at a small premium to dated Brent, but traders said the rest of the cargoes for the […]