Emma's Feed
Oct 17, 2011

Analysis: Libya oil fields face guerrilla war threat

LONDON (Reuters) – Pro-Gaddafi fighters may resort to hit-and-run guerilla attacks against Libyan politicians, foreign workers and oil installations in the remote southwestern Fezzan district if they are driven from their last bastions, risk consultants say.

A full-scale insurgency like the one that erupted in Iraq following the ouster of Saddam Hussein by U.S.-led forces is unlikely, but a determined guerrilla campaign could make life difficult for Libya’s new rulers and foreign oil companies considering a return.

Oct 14, 2011

Brent rises towards $113 on euro meeting

LONDON (Reuters) – Brent crude rose toward $113 a barrel on Friday on investor speculation that European leaders could soon reach a rescue deal on the euro zone debt crisis and on early hints that China may loosen credit as inflation cools.

G20 finance chiefs and central bank heads are meeting in a Paris summit as leaders aim to thrash out a crisis resolution in time for a European Union summit on October 23.

Oct 14, 2011

BA says too early to resume Libya flights

LONDON, Oct 14 (Reuters) – British Airways (BA) said it is
still assessing the security risks of flying to Libya’s capital
Tripoli and will not resume operations before the NATO no-fly
zone is lifted.

The British flag-carrier said it plans to begin a review of
the security risks of flying to the capital, Tripoli, but has no
date to restart flights.

Oct 12, 2011

Hedge or die, bankers tell small oil firms

LONDON (Reuters) – Energy bankers are telling small oil companies they will soon face a spike in funding costs and should therefore hedge through selling oil not yet produced to protect future cash-flows and survive.

“We are saying to people: You need to be creative and look at other sources. The IPO market is not a place where, if you are a small company, you can find funding,” Morgan Stanley’s co-head of the oil and gas group, Michael O’Dwyer, told an annual Oil and Money conference.

Oct 11, 2011

Libya’s NOC to prioritise oil for own use

LONDON (Reuters) – Libya’s National Oil Corporation (NOC) said on Tuesday it will give priority to sending crude oil to domestic refineries in the early stage of ramping up production and has no immediate plans to export crude oil from ports other than Tobruk.

Oil production resumed in early September and official Libyan estimates say that about a quarter of the pre-war output of 1.6 million barrels per day (bpd) is now onstream.

Oct 10, 2011

Glencore buys Libyan oil as flows recover

LONDON (Reuters) – Commodities trader Glencore (GLEN.L: Quote, Profile, Research) is planning to lift its first cargo of Libyan crude oil since production resumed there, trade sources said on Monday, in a further sign of recovery despite continued fighting.

Competition to buy the oil, absent from the spot market for months, has heated up following the easing of sanctions against Libya’s National Oil Corporation in mid-September.

Oct 7, 2011

Insight: Libyan oil export flow a trickle, not a gush

LONDON/TRIPOLI (Reuters) – Libya’s prized light, sweet oil is trickling slowly onto the global spot market but demand from domestic refiners, production glitches and an internal struggle for control of the sector means it is unlikely to gush until deep into 2012.

Oil production resumed in early September and since then a flurry of field restarts has surprised many analysts who have been pessimistic about recovery prospects.

Oct 7, 2011

Libyan oil export flow a trickle, not a gush

LONDON/TRIPOLI, Oct 7 (Reuters) – Libya’s prized light,
sweet oil is trickling slowly onto the global spot market but
demand from domestic refiners, production glitches and an
internal struggle for control of the sector means it is unlikely
to gush until deep into 2012.

Oil production resumed in early September and since then a
flurry of field restarts has surprised many analysts who have
been pessimistic about recovery prospects.

Oct 5, 2011

Libya’s oil-rich east bids for power

BENGHAZI, Libya (Reuters) – Libya’s eastern city of Benghazi would risk fading back into obscurity after a six-month interlude as the seat of the rebel government were it not for one powerful asset: oil.

Benghazi residents are struggling to convert their wartime sacrifices into economic clout to restore the status of a city once deemed on a par with the capital, Tripoli, and rescue it from its relative obscurity in the Muammar Gaddafi era.

Oct 5, 2011

Exclusive: Libya’s NOC seeks $6 billion in sanctions debts

LONDON (Reuters) – Libya’s top oil body is pursuing international oil firms for unpaid bills worth around $6 billion, a source in the National Oil Corporation (NOC) told Reuters this week, as it seeks to resume work after wartime paralysis.

Negotiations to recoup the unpaid money will put to the test relations between the OPEC member and its Gaddafi-era partners who are seeking to rebuild ties with the new administration.