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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 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…

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…

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…