VIENNA, Dec 13 (Reuters) – Libya plans to improve the terms
for foreign oil firms ahead of its next licensing round and
could begin seeking bids in the third quarter of 2013, the OPEC
member’s new oil minister said.
OPEC member Libya has reserves of over 40 billion barrels,
but analysts have warned that some of the toughest terms in the
business could act as a deterrent for companies, some of which
have yet to return after the 2011 civil war.
VIENNA, Dec 12 (Reuters) – A new rivalry at the top of the
OPEC oil group has emerged, pitting up-and-coming Iraq against
undisputed cartel heavyweight Saudi Arabia.
Having overtaken Iran as OPEC’s second biggest producer, a
rejuvenated Iraq is beginning to worry Riyadh.
VIENNA, Dec 12 (Reuters) – Nigeria, Africa’s largest oil
exporter, is currently producing around 2.4 million to 2.5
million barrels per day and output should remain at similar
levels next year, the oil minister said on Wednesday.
A major fire at a Shell facility, an Exxon
spill and severe flooding cut oil output by up to a fifth in
October and November, and caused lengthy delays to exports.
GENEVA/ABUJA Dec 10 (Reuters) – Nigeria has sought
Switzerland’s help in the West African nation’s investigation of
a multi-billion dollar fuel subsidy scam, after some Swiss oil
trading houses refused to cooperate with the authorities in
Abuja, Nigerian officials said.
Nigeria opened an investigation in January into fraud in the
administration of the subsidy scheme after an abortive attempt
to remove it by President Goodluck Jonathan.
GENEVA, Dec 3 (Reuters) – The Swiss cabinet on Monday
rejected a motion that would force mining companies and private
commodity trading houses to declare payments made to
The decision puts the traditionally neutral country at odds
with the United States and the European Union, both of which
are pursuing tough new rules for oil, gas and mining companies
aimed at reducing corruption.
GENEVA/LONDON, Nov 26 (Reuters) – A year after oil firms
jockeyed to secure the first deals in post-war Libya, political
disorder and a large surplus of oil in Europe have sapped
enthusiasm ahead of talks this week for 2013 contracts worth
around $50 billion.
More than a year has passed since the ousters of Muammar
Gaddafi took control of the OPEC country, and while oil output
has risen back to pre-war levels of 1.6 million barrels per day,
unrest still disrupt shipments and work at refineries.
ABUJA/GENEVA (Reuters) – ExxonMobil on Wednesday became the fourth oil major in a month to warn customers over delays to Nigerian oil and gas exports, adding to a raft of problems for Africa’s biggest energy producer caused by oil spills, theft and flooding.
Royal Dutch Shell lifted on Wednesday its force majeure on Nigeria’s benchmark Bonny Light crude oil exports, easing some of the supply concerns.
LONDON/ZUG, Switzerland (Reuters) – Shareholders in Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) dealt a blow to their board on Tuesday, ushering through a long-awaited $31 billion takeover by trader Glencore (GLEN.L: Quote, Profile, Research, Stock Buzz) but vetoing a controversial executive pay plan that had been backed by the miner’s directors.
The snub prompted Xstrata’s current chairman John Bond, who will be chairman of the combined group, to announce he would step down once a replacement is found.
LONDON/ZUG, Switzerland, Nov 20 (Reuters) – Shareholders in
commodities trader Glencore have overwhelmingly
approved its long-awaited $31 billion takeover of miner Xstrata
, paving the way for one of the largest tie-ups in the
sector to date.
After nine months of tense negotiations, late-night talks
and last-minute twists, the deal to create a mining and trading
powerhouse is within Glencore’s grasp – a personal victory for
its biggest shareholder, key dealmaker and chief executive, Ivan
Glasenberg, who will also lead the combined group.
LONDON/GENEVA, Nov 19 (Reuters) – Investors say they have no
plans to switch to the new Brent NX contract which was unveiled
over a year ago, leaving futures exchange ICE with tough choices
to make in 2013 over how to terminate the existing benchmark.
The majority of fund managers care little about the
technicalities of cargo delivery dates, the reason why ICE
introduced the new contract, and some are barely aware it is on
the board. The equivalent of just 0.1 percent of total Brent
volumes has switched.