Archive | Oil & Gas

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: […]

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 […]