Monday, November 18, 2019

National Oil Corp News

KNOC Aims to Sell Stake in Dana Petroleum

(Photo: Dana Petroleum)

State-run Korea National Oil Corp (KNOC) is considering upping the stake it is planning to sell in its British unit Dana Petroleum after failing to lure a buyer for the 30% previously on offer, banking and industry sources said.KNOC had hired Canada's Scotia Bank to help with selling part of the oil and gas producer…

NOC: Halting Sharara Oilfield Would Be 'Catastrophic'

Libya's National Oil Corp (NOC) warned on Sunday of "catastrophic consequences" if the El Sharara oilfield is brought to a complete halt by a protest by tribesmen.The state oil company said it would take a long time to bring back the field onstream because of the damage resulting from the "sabotage and theft."The company said the storage

Oil Falls by $2 After Saudi Arabia Reassures Market on Supply

© chalermchai k / Adobe Stock

Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran's crude exports that start next month.Benchmark Brent crude oil dropped $2.03 a barrel to a low of $77.80…

Eni to Acquire Half of BP's Libya Oil and Gas Assets

(Photo: Eni)

Italy's Eni has agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday.Eni will acquire the 42.5 percent stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya…

Eni to Acquire Half of BP's Libya Oil and Gas Assets

Italy's ENI agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday.Eni will acquire the 42.5 percent stake from BP and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Aut

Oil Falls After Libyan Ports Reopen, Trump Tariff Threat

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Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets…

Key Oil Export Terminals Reopen in Libya

Damage at Ras Lanuf terminal June 18, 2018 (Photo: NOC)

Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.Production and export operations would be restored "within the next few hours"…

U.S. Crude Hits $75 as Oil Supply Risks Mount

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U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The Americans have claimed they want to completely stop Iran's oil exports…

Oil Climbs on Libya Force Majeure, Canada Outage

File Image (CREDIT: AdobeStock / © scanrail)

Libyan disruption cuts 850,000 bpd of oil from market; Canada outage drains U.S. crude, product inventories. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lift U.S. crude to 3-1/2-year highs. U.S.

S.Korean Refiners Step Up U.S. Spot Crude Purchases

File Image: the rapidly expanding U.S. crude oil port of Corpus Christi, Texas (CREDIT: Port of Corpus Christi)

S.Korean refiners step up spot crude purchases; Mideast crude make up 77.7 pct of imports, lowest since 2004. South Korea's purchases of sweet crudes from the United States and Africa are growing as its refiners snap up spot cargoes to replace more expensive Middle East grades…

Libya's NOC Withholding Total's Share of Waha Crude

Libya's National Oil Corp (NOC) is withholding Total's share of crude from the Waha concession as a dispute drags on over the French oil major's purchase of Marathon's stake in the concession two months ago, Libyan oil and industry sources said.Total closed a $450 million deal to buy Marathon Oil's 16.33 percent stake in Waha in March…

Total Says Libya's NOC Knew of Plans to Buy Marathon's Business

France's Total said on Wednesday it had informed Libya's authorities of plans to acquire Marathon Oil's stake in the Waha field for $4.5 billion even though it believed it did not require their consent."The deal with Marathon has closed and Total owns Marathon's stakes in Libya.

Libya Oil Output at Around 1.05 mln bpd

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OPEC member Libya's oil output is at around 1.05 million barrels per day despite a continuing outage since February at its 70,000 bpd El Feel oilfield, a Libyan oil source told Reuters on Friday. A second Libyan oil source said production was lately fluctuating more or less around the 1.1 million bpd level.

Libya's NOC to Stage Oil and Gas Conference in Benghazi

© Mihai / Adobe Stock

Libya's state oil company National Oil Corp (NOC) will hold a conference in the eastern city of Benghazi in October to discuss the country's oil and gas sector, it said on Thursday. Domestic and foreign oil companies would participate to discuss the sector's development, NOC…

Oil Steady After Hitting Three-Week High

File Image (CREDIT: AdobeStock / (c) scanrail)

Saudi Q1 output to be below output cap as Libya declares force majeure on El Feel oilfield. Oil slipped on Monday but still held close to its highest since early February, supported by comments from Saudi Arabia that it would continue to curb shipments in line with the OPEC-led effort to cut global supplies.

Libya's National Oil Corp Investigating Near Air Collision

Libya's National Oil Corporation (NOC) said on Wednesday it was investigating the near collision of an unidentified plane with a helicopter carrying staff from a sea platform. The staff from Mellitah Oil and Gas, a joint venture between the NOC and Italy's Eni, were flying…

Kenya Plans $1 Bln Dual Listing of National Oil Corp

Kenya plans to raise $1 billion by listing its National Oil Corporation at home and on the London Stock Exchange by early 2019, to buy a share of two oil blocks held by Tullow and its partners, a senior government official said on Wednesday. The East African country discovered…

Crude Falls as Market Mulls Storm Impact

Harvey brings heavy rainfall, flooding to U.S. Gulf Coast. Crude prices dipped on Tuesday as the market grappled with the shutdown of some 13 percent of refining capacity in the United States after a hurricane ripped through the heart of the country's oil industry. The refinery closures helped push U.S.

Oil Dips as Rally Encourages Profit-Taking

Oil prices fell on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures were down 15 cents at $52.57 a barrel at 1214 GMT, after surging more than 3 percent in the previous session. U.S.

Oil Slips on Chinese Demand, Rising U.S. Activity

Oil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world's second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut. Chinese refineries processed 10.71 million barrels per day (bpd) in July…