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Oil pulls back from highs as investors mull production outage in Libya

Oil prices edged lower on Wednesday, a day after reaching levels not seen in more than 2 years after a pipeline explosion in Libya. February West Texas Intermediate oil on the New York Mercantile ExchangeCLG8, -0.80%  was down 24 cents, or 0.4%, at $59.73 a barrel. February BrentLCOG8, -1.18%  fell 33 cents, or 0.5% to $66.71 a barrel. WTI oil prices hit a 2 1/2-year high on Tuesday, while Brent crude rose 2.7% after an explosion at a pipeline that connects crude-oil fields to Es…

Intelligent control equipment increases production capacity at El-Bouri field

National Oil Corporation (NOC) announces the successful drilling of a development well at the El-Bouri field, utilising Intelligent Control Equipment Technology at the bottom of the well. Oil well B4-52 of Mellitah Oil and Gas Co’s marine platform No. 4 commenced production on September 25, 2018, with a production capacity of 1850 barrels per day.  The project is considered the beginning of a new era for the development of increasing production capacity of future wells at El-Bouri field through the…

Eni Talks Bahr Essalam Phase II Development

Eni CEO Claudio Descalzi has been talking to Libyan officials about the second phase of development of the Bahr Essalam field, in which first gas is set for next year. In a meeting with Libya’s state oil company National Oil Corp. (NOC), Descalzi and NOC CEO Mustafa Sanalla discussed the Bahr Essalam Phase II development, which includes the completion of 10 wells. Nine of the 10 wells were drilled in 2016 at the field, which is one of the largest…

NOC uses latest technology to revive 16-year old oil well

The Arabian Gulf Oil Company (AGOCO), a wholly-owned subsidiary of Libya’s National Oil Corporation (NOC) has reported that it has successfully revived an oil well that has stood abandoned for 16 years. Agoco’s General Department of Production used the latest drilling techniques and Geo-Sphere mapping technology on this project developed by Schlumberger. It reported that as a result of the implementation of the ‘Drilling and Measurements’ service at Schlumberger Oilfield Service, well HH86-65 in the Mesla oil field is once…

Oil Trades Near Highest Since Mid-2015 on Libya Pipeline Blast

Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya’s biggest export terminal curbed the OPEC nation’s production. Futures were little changed in New York after rising 2.6 percent on Tuesday and breaching $60 a barrel for the first time since June 2015. A pipeline run by Waha Oil Company that carries crude to Libya’s Es Sider terminal exploded Tuesday, reducing output by 70,000-100,000 barrels a day. Meanwhile, Saudi Arabia is…

Libya’s oil boss named Chief Executive of the Year at the Petroleum Economist Annual Awards

The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah has been selected as the Chief Executive of the Year at the Petroleum Economist Annual Awards gala ceremony in London. The international award was promoted by the NOC Chairman and the firm’s success in restoring oil production to around one million barrels per day ‘in a deeply divided political environment’ according to ‘international peers of Sanallah.’ 4 Traders website reported Tuesday. ‘I am deeply honored to be named Chief…

The second Environment forum in Libya

The National Oil Corporation (NOC), Brega Petroleum Marketing Company (BPMC), Mellitah Oil and Gas Company (MOGCO) and Azzawiya Oil Refining Company (ARC) organized the second Environment Forum on Tuesday December 17, 2019 in the capital Tripoli. The Forum aims to enhance cooperation between oil, industry and energy sectors in the field of environmental sanitation and to share NOC experiences in environment protection and sustainable spatial development. The forum programme also included an accompanying environmental exhibition showing part of NOC’s environmental…

Hedge Funds Pile on Bullish Oil Bets as Mideast Tension Heats Up

The Middle East is kicking things up a notch in the oil market. Hedge fund bets on rising Brent crude prices hit a fresh record as tension in the oil-rich region reached a whole new level, sending prices to their highest in more than two years. Disruptions in exporting countries such as Libya, Nigeria and Venezuela in past months hadn’t fazed investors enough to trigger strong rallies, but Saudi Arabia and Iran? That’s another story. “Most of the political risk has been…