Archive | Oil & Gas

Repsol profit hit by Libya conflict

Spanish oil company Repsol's net profit fell more steeply than expected in the fourth quarter as production was suspended in Libya by the uprising that overthrew Muammar Gaddafi. Repsol said on Wednesday it lost 220 million euros ($295 million) of production in Libya during the fourth quarter. Quarterly net profit, adjusted for one-off gains and […]

Saras Q4 hit by weak demand and Iran tension

Saras, one of Italy's leading refiners, said on Tuesday its core earnings in the fourth quarter fell 31 percent on weak demand due to the euro zone debt crisis and high oil prices fuelled by the growing tension over Iran. Saras, which currently uses about 10 percent of Iranian crude oils in its refinery mix, reiterated […]

Libya resumes exploration works, rises crude output

Libya has resumed oil exploration activities, and its crude output has climbed to 1.4 million barrels per day, while gas production is now at 2.3 billion cubic feet per day, the National Oil Corporation (NOC) said on Monday. "The National Oil Corporation announced on Monday the return of exploration activity in Libya. Seismic surveys at […]

Libya Pumps 1.4 Million Barrels a Day of Oil, NOC Chief Says

Libya is pumping 1.4 million barrels a day of crude and is on track to exceed what it produced before last year’s revolt against Muammar Qaddafi, said the chairman of the state-run National Oil Corp. The NOC expects Libya to pump 1.5 million barrels a day by early April and 1.7 million barrels a day […]

Greece eyes Libyan oil after Iran embargo

Greece said Thursday that Libya could plug the gap in the country's oil supply created by an EU-imposed embargo on Iranian oil, which accounted for about a third of Athens' imports. "Given that oil production in Libya is climbing back to pre-war levels, Libya is an alternative supply source," foreign ministry spokesman Grigoris Delavekouras told […]

Libya oil exports to hit 1.2 mln bpd in Feb -NOC

Libya plans to export close to 1.2 million barrels of oil per day (bpd) in February, up from around 970,000 bpd in January, a senior National Oil Corporation (NOC) source said on Thursday. Libya is currently pumping 1.265 million bpd, the source added, as output continues to head towards pre-war levels of around 1.6 million […]

Black Sea gas find, Libya oil boost OMV

The first successful Black Sea well has made what could be OMV's biggest gas find ever, the Austrian group said, capping a red-letter day as its Libyan output approached pre-war levels and its results smashed expectations. The offshore well jointly owned by Exxon Mobil and OMV's Romanian unit Petrom has discovered what could be up […]

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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: […]