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New financials filing for 1st quarter.
http://www.otcmarkets.com/financialReportViewer?symbol=AXGC&id=122857
No clue, but I just take the fact that they are filing financials in general as a good sign (of a heartbeat at least, lol), since pink sheet stocks are not required to.
Financials filed yesterday...
http://www.otcmarkets.com/financialReportViewer?symbol=AXGC&id=122772
That should be our 1 trade for the week, LOL.
Hariga Oil Port Reopens
Posted on 23 June 2014.
Libya’s eastern oil port of Hariga, in Tobruk, has reopened after security guards ended their protest.
A spokesman for state-owned National Oil Corporation (NOC) said a tanker took on a cargo of 750,000 barrels of oil, with a second tanker expected to load 600,000 barrels.
He added that the western El Feel [El Fil, Elephant] oil field was working “normally” after a separate protest had ended there more than a week ago.
(Source: Times of Malta)
El Fil field back in production
By Jamal Adel.
Tripoli 14 June 2014:
The El Fil (Elephant) oilfield in southwest of the country resumed production on Thursday after the local Petroleum Facilities Guard (PFG) lifted its blockade.
“We resumed production in the oilfield on Thursday, as protestors from nearby Murzuk have called off their demonstration in the facility” El Fil oilfield manager Abdulfatah Bani told the Libya Herald.
The oilfield was shut down on 17 May by mainly Tebu PFG brigade members from Murzuk who demanded extra payments.
“We met with a committee from the protestors who explained their demandes which they’ve already told the government about,” explained Bani.
“We re-started slowly but we expect to reach our normal production later today,” he said.
The oilfield, a joint venture between the National Oil Corporation and Italian energy giant Eni, is capable of producing 130,000 barrels a day.
Bani, however, expressed concern about the consequences of constantly stopping and starting production at the field. When it closed on 17 May, it had only reopened a couple of days before. Prior to that it was closed for a fortnight last September last year and for several weeks during the summer.
“The closing and opening process could severely undermine the integrity of mechanical equipment, and risk the functional and technical operations of the oilfield machinery,” he said.
In March, Eni’s Chief Executive Officer, Paolo Scaroni told the Libya Herald that constant oilfield blockades that forced production to stop, restart and stop again risked affecting the geology of the fields and the pressure bringing oil and gas to the surface, and thereby permanently damaging extraction.
Read more: http://www.libyaherald.com/2014/06/14/el-fil-field-back-in-production/#ixzz34e2V6sgw
Without Iraq's oil, prices could hit $150-$200: Pickens
If Iraq's oil supply goes offline, crude prices could hit $150-$200 a barrel, T. Boone Pickens, founder of BP Capital Management, told CNBC on Friday.
"That's where you have to kill demand with price. That's the only way you can do it, because oil won't be there," Pickens said in an interview with "Street Signs."
Crude hit a nine-month high Friday as fears intensified over the conflict in Iraq and its potential to disrupt country's the oil supply. U.S. crude—West Texas Intermediate (WTI)—hit a session high of $107.68 a barrel early Friday. Brent rose to an intraday high of $114.69.
President Barack Obama announced Friday he would not be deploying any ground troops in Iraq, and stressed that any other action would take several more days of planning. Insurgents have seized cities in northern Iraq and are only about 40 miles from Baghdad.
Pickens said long term, "there is plenty of oil around the world" and believes the U.S. can find the solution in a North American energy alliance with Canada and Mexico.
The U.S. produces 8 million barrels of oil a day, but uses more than 18 million barrels a day.
Read MoreForget OPEC, let's talk about 'NOPEC'
"We have the solution in North America if we just had the leadership in Washington to step up and say, 'let's make a deal,'" he said.
Pickens also called the lack of a decision on the Keystone XL pipeline "incredibly stupid on our part." The pipeline would connect Canada's oil sands to Texas refiners.
"Take the Keystone, wrap up North America and you are in really, really very, very good shape," he said.
Opinion: Don’t rush too quickly to label Libya a failed state
By Husni Bey, member of Libya First.
Tripoli, 11 June 2014:
The 9th of June, 2014, was a good day in Libya. Let me explain.
It has been more than three years since the overthrow of Muammar Qaddafi. Replacing a 40-year reign of terror and absolute control with the freedom and democracy, three years is more than sufficient time for a lot to go wrong. To be sure, much has gone wrong – some of it terrible, unforgivable and deserving of the sensational headlines.
That said however, much has not gone wrong.
But good news is does not make the news. Because of the nature of the news business, such positive progress usually receives scant media coverage.
For example, this Monday, our justice system ruled on the hotly contested election by the General National Congress of Ahmed Maetig as the next Prime Minister of Libya.
The issue was not whether he or the caretaker Prime Minister Abdullah Al-Thinni candidate were good people or even whether they would make a good prime minister. The issue was whether the election was legal according to Libya’s existing law.
Much was at stake politically, and it could have gone either way. Reminiscent of the US presidential election dispute in 2000 between George W. Bush and his Democratic opponent Al Gore over the votes in Florida, the case in the end needed to be decided by the Supreme Court of the land.
Ultimately the Libyan Supreme Court ruled that the election process did not meet the rule of law, that Ahmed Maetig was not legally elected Prime Minister and that the transitional Prime Minister Abdullah Al-Thinni would remain in office until new elections could be held.
What was significant was not the outcome but that the decision was respected and accepted without acrimony by all parties involved.
For us Libyans, Monday was a good day and another reason for optimism. Monday’s ruling casts in diamond the segregation of powers and the independence of the judiciary. Slowly but surely we’re institutionalising the building blocks of democracy.
There are other reasons for optimism:
Although we’ve had six transitional leaders since Qaddafi’s downfall, which admittedly is quite a few, each was elected and each transition was peaceful;
This February nearly 40 percent of registered voters participated in peaceful Constitutional Assembly elections – which would be a very good turnout in most US elections. The Assembly continues its work, and we expect the new constitution to be put to a national referendum in the next few months;
On 25 June, we will elect the House of Representative and go through the third transitional phase, handing over power peacefully for the third time;
?We have a higher representation of elected official females than any other country in the Middle East;
Benghazi opened the third shopping mall since the revolution. Much more remains to be done, but this is a great start;
The private sector in Libya is booming, growing at around 30 percent a year, double since the war in 2011. This rate completely overshadows public sector growth. Private sector growth creates jobs and stability as less people rely on government jobs and contracting;
Most importantly, counter to the predictions most people have read, we have not slipped into civil war, nor will we do. While any casualties are deplorable, we have managed to keep any fighting fairly well contained.
To evaluate Libya’s progress or lack of it requires perspective. Did anyone who understood the history, geography and culture of Libya think the road to its democracy would be smooth and instantaneous?
The true measure of progress is not necessarily where you are, but how far you’ve come. We’ve come a long way in three years. We need to remember that somehow in the face of all of Libya’s challenges, democracy and the rule of law has managed to survive.
That, in and of itself, is a huge accomplishment.
There are no rose-tinted glasses here. We Libyans know better than anyone the reality on the ground. We know we have a long way to go. We know democracy is a process and does not come prepackaged. But we know that it is to be built step-by-step – and we’re going to get there.
We also know we can get there a lot faster if we have the encouragement and support – and the understanding – of the West.
Thus Monday was a good day. It was testament to what continues to motivate most Libyans: a united and prosperous Libya whose citizens can control their own destiny.
Elections to the new House of Representatives on 25 June is just two weeks away and that day we will reconfirm our commitment to the democratic process and peaceful transition.
Libya First is a new lobbying organisation to promote Libya’s interests.
Read more: http://www.libyaherald.com/2014/06/11/opinion-dont-rush-too-quickly-to-label-libya-a-failed-state/#ixzz34Wl36lSY
Thanks for the video. Yeah, things have certainly been rough in Libya for the last few years.
Yes, that would be a good start. They have to get back to the 1.5 million bpd level that they were at in 2012 into 2013 before the oil protests started. I think long-term their goal is to get to 2.5 million to 3 million bpd by 2018 to 2020.
Minister of Oil and Gas promises increased output
By Jamal Adel.
Tripoli, 11 June 2014:
Plans are in hand to raise Libyan oil production from the current 200,000 barrels per day (b/d) to between 800,000 and 900,000 b/d by the end of this year according to the acting Minister of Oil and Gas . . .
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Read more: http://www.libyaherald.com/2014/06/11/minister-of-oil-and-gas-promises-increased-output/#ixzz34NGFAV5o
New Oil Law in the Works for Libya
Monday, June 9, 2014
Libya’s state-run oil company NOC’s new chairman, Mustafa Sanallah, while giving the keynote address at the 3rd New Libya Oil & Gas Forum, revealed that the state-run firm is currently working with the government on a new petroleum law. The new agreements with international firms will fall under the new law. Sanallah said the beginning of 2015 is the approximate timeframe for implementation of the new law.
Dr. Najme Karim, Head of the Delegation at the forum and Head of the Studies and Developing Oil Laws Committee the Libyan petroleum ministry, said the new law has been under development since March 2013 and is should be ready in a few months. It will be approved when Libya has a new permanent government.
http://www.petroleumafrica.com/new-oil-law-in-the-works-for-libya/
You're welcome
Joint meeting between oil ministry and the constitutional authority.
Wednesday, 04 June 2014 15:36
Ministry of oil and gas held a joint meeting with the constitutional authority for drafting the constitution in Albaida in the framework of the support and assistance of the ministry.
Undersecretaries of ministries of interior, communications and transport as well as a number of companies and public administrations participated in the exchange of views in the issues related to the work of the authority.
Another side to Benghazi: investment continues despite the violence
By Naam Alkhosi.
Tripoli, 2 June 2014:
With the almost daily headlines about armed clashes and assassinations in Benghazi, it is hard to imagine that this is a city where new retail shops are opening and commercial activity is increasing. However, for the 15 founders of the Benghazi as an Economic Capital Campaign, this city is poised to become the “economic gateway to Africa and Egypt”.
According to Qais Al-Bakshishi from the “Rayada Foundation for Improvement and Development”, responsible for the Benghazi as an Economic Capital Campaign, the founders have put together five- and ten-year plans for transforming Libya’s second largest city from one long neglected under Qaddafi to a thriving economic hub.
In January 2013, the Benghazi Chamber of Commerce held the International Conference for Benghazi Economic Capital—Reality and Ambition. According to the Benghazi Chamber of Commerce website, the conference aimed “to identify a comprehensive vision for the future of the city of Benghazi in the context of sustainable development.”
As recently as March 2014 the city hosted the 3rd International Building and Construction Exhibition at the Benghazi Expo Center. Sixty-five Turkish construction and building equipment companies, along with a number of Libyan construction firms, took part. According to Hussein Othman, head of marketing and sales for the organisers, El Dawlia Exhibition and Conferences Company, the exhibition was successful in opening opportunities for participants and linking them with Libyan firms looking for new products and expertise.
Historically, Benghazi was an economic hub, teeming with traders and hosting a thriving seaport. In the less distant past, the National Oil Company (NOC) was located there, partly because of the vast oil reserves located nearby.
One pointer to Benghazi’s resurgence is the recent decision Number 247 of the General National Congress (GNC) to return the NOC headquarters to Benghazi. Under the same decision the main office of Libyan Airlines and a branch office for the Gas and Oil Ministry were also to move there.
Libyan Airlines has now made the move and NOC’s new headquarters are currently being developed.
Though the Benghazi seaport suffered 40 years of neglect, plans are in the works for significant upgrades. Bakshishi told Libya Herald that by 2015 ships carrying up to 5,000 containers would be able to unload at the port. Plans also exist to add ten gantry cranes as well as building complexes for port-related businesses and regulatory activities. The Benghazi as an Economic Capital Campaign also envisions a fishing harbor, a passenger terminal and a recreational marina at the waterfront,” stated Bakshishi.
Furthermore, plans are underway to develop a Benghazi Free Trade Zone (FTZ). The Meresa FTZ would be located near the seaport and would include an industrial complex, storage warehouses, a services area, as well as a “smart city” district covering education and training, media and IT companies. There will also be an area for international banks, plus hotels and a conference and exhibition centre. The plans for the FTZ took a step forward with the first meeting of its administrative committee in April.
For the moment foreign investors express security concerns in the face of kidnappings of foreign laborers and ex-pat workers are being pulled from the city. Even so, numerous projects are continuing. Al Hayat Mall opened in 2013, Ameen Mall at the beginning of this year, and the second largest mall in Benghazi—Venice Mall—opened last month on Venezia Street.
Bakshishi named other malls under construction and scheduled to open this year or early next year. In addition to the Taj Meyar Commercial Mall and the four-hectare Modern Shopping Centre there is the Mayza Mall. This three-story complex on Airport Road, a joint project of a Libyan and an Emirati company, will contain recognisable names such as Centerpoint, Home Center, and Second Cup Coffee. It is scheduled to open in the near future.
Besides shopping malls, retail shops, restaurants and cafes, several new business towers are under construction. The Zho Benghazi Tower, located next to the Tibesti Hotel is 70-percent complete, as is the Zahrat Benghazi Tower in Sidi Hussein. Both are owned by the Social Security Fund.
Perhaps the most notable of the towers under construction is the Tatweer Abraj in the Fursia area near the Uzu Hotel. Tatweer owners, the Libyan Fund for Investment, plan for three towers to hold housing, commercial and office space, and a hotel. The $300-million dollar project should be completed in 2015.
In cooperation with the local authorities and civil society associations, the foundation is also pressing the government to complete the new airport project in Benghazi. As of January the airport project was 37 percent complete.
If matters continue on their current pace this year and the next will see the completion of numerous projects across the city. As groups continue to battle for control of Benghazi and the daily news reports on the violence there, the building continues, the shops open and the founders of the Benghazi as an Economic Capital Campaign watch as their aspirations for the city come closer to being realized.
Read more: http://www.libyaherald.com/2014/06/02/another-side-to-benghazi-investment-continues-despite-the-violence/#ixzz33WLHbD4s
Libya : A new law to seduce investors, NOC Chairman.
Monday, 02 June 2014 16:20
Libya is drafting a law aimed at making its oil industry more attractive to foreign investors. Most of the investors left the North African country when the war got intense between Gadhafi’s army and the rebels. Libya has one of the largest oil reserves in the world but political tensions have made it a high risk for investors as the power struggle continues.
The Chairman of the National Oil Corporation Mustafa Sanallah said they are working on the draft but it will only be implemented when the country has a “permanent government.” A new round of bidding for oil licenses will also be held.
The implementation of the law needs the approval of the government but authorities are presently faced with a dilemma after outgoing Prime Minster Abdullah Al Thani refused to hand over power to new Prime Minister Ahmed Maiteeq. He cited that Maiteeq was elected illegitimately after several members of the Libyan parliament questioned the procedures undertaken. His actions mark another turning point in Libya’s walk towards democracy as the country could boast of two Prime Ministers.
Al Thani blamed the General National Congress for the standoff and urged them to “wisely discuss their dispute” and uphold the “interests of the country to avoid bloodshed.” Thani said he received conflicting orders from Libya’s divided parliament over the legitimacy of Ahmed Maiteeq’s election and would continue in his post until lawmakers resolve the dispute. He summarized that “the conflict is mainly taking place under the roof of the congress.”
Investors will have to be patient for a permanent government but fighting between rebels could also pose insecurity. Violence has escalated in the OPEC-member country in recent weeks, after new Prime Minister Ahmed Maiteeq came to power.
(northafricapost.com)
All we can do is wait
Libya hopeful about its oil sector
Things should be 'very clear' next year, oil boss says.
By Daniel J. Graeber | May 30, 2014 at 9:54 AM |
Despite security woes, Libya optimistic about its future oil potential. (UPI/Roger L. Wollenberg)
LONDON, May 30 (UPI) --The chairman of the Libyan National Oil Corp. said the government aims to hold an auction for new oil licenses once political hurdles are cleared.
Companies interested in investing in Libya, once a premier North African oil producer, have said the nation's troubled security sector and tough contractual terms are keeping them at bay.
NOC Chairman Mustafa Sanallah told potential investors at an energy conference in London another bidding round is expected once a permanent government is formed and new draft oil laws are ready.
"Hopefully by next year the situation will be very clear," he said Thursday.
The latest monthly market report from the Organization of Petroleum Exporting Countries, of which Libya is a member, says the North African nation produced 238,000 barrels of oil per day in April, down from the first quarter average of 364,000 bpd and well below its 2012 level of 1.4 million bpd.
Optimism over a rebound in the Libyan oil sector increased in April when the NOC announced it lifted an emergency declaration on oil operations at its Zueitina terminal in the east of the country, where anti-government forces have control.
Austrian energy company OMV, one of the latest companies to report on Libya, said production from its operations in Libya has been shut down since the middle of March. Its low-end production forecast for 2014 assumed no production from Libya going forward.
Read more: http://www.upi.com/Business_News/Energy-Resources/2014/05/30/Libya-hopeful-about-its-oil-sector/6991401457204/#ixzz33DtOOb1F
lol, yeah, I don't have any extra time to go there and help out Hopefully they can get things resolved by the end of the year.
First we'll fight. Then we'll vote: Libyan general
Michelle Caruso-Cabrera | @MCaruso_Cabrera
11 Mins Ago
CNBC.com
A man who once tried and failed to topple Moammar Gadhafi in the mid-1980s has returned to the scene as Libya struggles to free itself of largely Islamic militias and bring its energy industry back to life.
General Khalifa Haftar says he's just the man for the new job at hand. The self-declared leader of the Libyan National Army says that if he is successful at ridding Libya of Islamic militants, the next step will be elections. Speaking over the phone with CNBC from his headquarters in Benghazi, Haftar said: "Our mission lies in the removal of the fundamentalists that came to Libya from abroad."
Haftar re-emerged this month when forces loyal to him blasted Islamists in Benghazi and Tripoli (read our previous article here). He said he will continue to use force to rid the country of foreign fighters from "Afghanistan, Pakistan, India, Algeria, Tunisia," and then follow with elections.
"Once that happens, we will have elections. We will need enough time to prepare for those elections and then the Libyan people will decide," he said. "The main goal, the most important goal here is the stability of the country."
"The majority of them are fundamentalists, in fact, terrorists," he said of Islamists who have wracked the nation with violence since the overthrow and killing of Gadhafi in 2011. "So we have to use force with them."
Having spent nearly 20 years living in Virginia, and reportedly having been involved with the CIA in the 1980s during a failed coup attempt against Gadhafi, one oil executive involved in Libya who requested anonymity said it's widely assumed Haftar is backed by the CIA.
Haftar denied that he receives support from the United States or any other foreign governments. His army "doesn't get any support from the U.S. or from Saudi (Arabia) or Egypt," he said. "The support that they get is only internal."
Convincing international oil companies to invest in Libya is turning out to be a pretty hard sell for Libya's embattled central government, which lacks the cohesion or military and financial wherewithal to secure the country.
At the opening of the third New Libya Oil and Gas Forum in London this week, a member of the Libyan Oil Ministry told attendees that "recent events should not deter you from being there. Terrible events can happen anywhere in the world."
But the timing of the conference couldn't be worse. This week, the U.S. State Department said all Americans in Libya should leave immediately due to a sharp spike in violence.
Meanwhile, oil production has plummeted to only 165,000 barrels per day, a mere fraction of the more than 1.5 million barrels it churned out daily in 2012. Today, two different men claimed to be prime minister, and the rise of what some call a "rogue" general in Haftar is raising the question of whether another military strong man is trying to come to power, even as his promise of stability is welcomed by a violence-weary population.
"It's depressing, really," said geologist David Boote, an attendee at the conference. "From an exploration point of view, we can't do anything. There's no way any company can do any work there and not worry about getting killed."
Dan Clark-Lowes, who specializes exclusively in the petroleum geology of Libya, isn't seeing much interest from clients anymore—which is a hit to his revenue. "Not many international oil companies are really seriously going into the country at present," he said, "so that's a large part of our client base."
Since the fall of Gadhafi, the OPEC nation's oil production has been an up and down affair. But the situation began to worsen 10 months ago as competing militia groups, some of them filled with Islamic extremists, began taking over the country's oil facilities and ports. With no real police force or cohesive military to speak of, the militias have had the run of the place, while parliaments and prime ministers have come and gone.
"When the Arab Spring happened, I felt sure somehow that Libya was the one place it might work, because it has a small population and very, very large oil reserves," said the geologist Boote, who runs a firm called David Boote Consulting. "Compare that to Tunisia or Egypt, where they have very large populations and comparably small oil reserves…But now they're all squabbling over it."
"I believe that these problems are expected, building a country from scratch, because that's exactly what we're doing in Libya," said attendee Naaman Elbouri, chairman of oil services company Trans Sahara Group. "We've got no institutions, no constitution. We have no army, no police force. So everything had to be built from scratch. You know obtaining democracy and freedom is no easy task."
Libya Plans More Flexible Oil Licenses
New Legislation Next Year Should Make Contractual Terms Less Onerous for Foreign Firms
By BENOIT FAUCON
May 29, 2014 9:01 a.m. ET
LONDON—Libya hopes to offer more flexible and less punitive oil licenses next year, based on a new hydrocarbons law currently being drafted, the chairman of the country's national oil company said Thursday.
Foreign companies frequently complain that punitive contractual terms, on top of serious security issues, are a barrier to investing in...
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http://online.wsj.com/articles/libya-plans-more-flexible-oil-licenses-1401368313
Libya Disorder Dealing Harmful Blow to Oil and Gas Exploration
By Nigel Wilson
May 29, 2014 16:56 BST
Libyan oil exploration showed signs of recovery after the 2011 revolution. But the increasing inevitability of prolonged civil strife is likely to harm efforts to develop oil production further.
Speaking at the New Libyan Oil and Gas Forum in London, the chairman of Mabrouk Oil Operations told reporters that Libya still has plenty of potential for new discoveries.
"We estimate that there are 100 billion barrels out there to be found, and that's probably an underestimation," Elfeturi Belhaj said.
Exploration was gaining traction as of 2013, reaching half the level of exploratory wells drilled in 2010, he added.
"Things started to pick up in 2012 and in 2013 it got much better, we built 29 exploration wells with a success rate of 69%," he said.
Fifty-eight wells were drilled in 2010, the year before Libyan leader Muammar Gaddafi was ousted and killed.
Federalist rebels in the country's east are occupying two of the country's key oil ports, which they have controlled since July 2013.
Since the capture and killing of former president Gaddafi, Libyan authorities have struggled to control the armed groups that ousted him. The ensuing disorder has pushed up the price of crude oil on international markets.
The rebels, seeking greater autonomy from the central government, have relinquished control of two ports, but they continue to occupy the major eastern ports of Ras Lanuf and Es Sider.
The groups have backed the actions of retired general Khalifa Haftar, who the government has accused of launching a coup.
Forces loyal to the former general have launched airstrikes in the eastern city of Benghazi twice in May, while a group allied with the general stormed the Libyan parliament in the same month.
Speaking on the side lines of the London conference, National Oil Corporation spokesman Mohamed El-Hariri said that providing a secure environment was key to boosting Libya's oil and gas production.
"Security is important. We know that if there's not a secure environment then you can't work in the right way and you can't develop oil and gas. This is the first issue and the first point. We need to work very hard to solve the security situation," he said.
Libya Floats New Law to Attract International Investors
IB Times By Nigel Wilson 5/29/14
The chairman of Libya's National Oil Corporation said a new law being drafted by the government will make the country more attractive to foreign investors.
The NOC's new chairman Mustafa Sanallah told reporters at an oil conference in London that a new round of bidding for oil licences will begin once the law is completed and passes through government.
"Once the draft is ready and we have a permanent government, we will do a new round of bidding," he said.
Foreign firms left Libya in droves after its leader Muammar Gaddafi was toppled and killed in 2011. The Libyan government has struggled to contain the rebel groups that fought in the war to oust Gaddafi, many of whom still remain heavily armed.
Violence has escalated in the OPEC-member country in recent weeks, after new prime minister Ahmed Maiteeq came to power.
Forces loyal to the retired general, Khalifa Haftar, have launched air strikes on Islamist positions in the eastern city of Benghazi on two occasions in May. Rebels allied with the general also stormed the Libyan parliament in Tripoli.
The Libyan government has accused the former general of launching a coup.
NOC Announces Temporary Chairman
Posted on 27 May 2014.
Following the resignation of its Chairman, Nuri Berruein [Nuri Balrwin], last week, the National Oil Corporation (NOC) has announced a temporary replacement.
NOC spokesman Mohamed el-Harari told The Wall Street Journal that Mustafa Sanalla will fill the role “for the time being”.
According to the report, Mr. Berruien, aged 68, has decided to leave “because of his age…it’s nothing political.”
Source: The Wall Street Journal)
Can Libyan General Rout Islamist Militias?
Posted on 26 May 2014.
By Samia Belkadi, translated for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News.
An interview conducted by El-Khabar with Libyan journalist Mahmoud Ali al-Rukaibi.
El-Khabar: What is your reading on the military developments on the ground in Libya and the operation launched by Maj. Gen. [Khalifa] Hifter?
Rukaibi: Frankly, the operation of Maj. Gen. Hifter was a surprise to the observers following the Libyan situation. I mean, there were a lot of indicators that suggest that Hifter was onto something. However, no one predicted a military land and air operation, simply because no one believed that Hifter had fighter jets.
The armed groups in Libya had sophisticated military equipment, but no one thought warplanes were among them. On the other hand, observers have been trying to follow up on Hifter’s political movements, rather than military ones, since he has been recently trying to win the support of tribes and activists in the western region of Libya.
However, Hifter’s “Operation Dignity” exceeded all expectations. So far, information remains unclear and limited to the statements of both parties in Benghazi and Tripoli, and both do not bode well.
El-Khabar: You doubt that Hifter possesses warplanes, so does this mean that there are external forces that are supporting his quest?
Rukaibi: These are not doubts. These are formal charges by the armed brigades of Benghazi. They accused foreign countries of being directly involved in what is going on in Libya. The February 17 Battalion confirmed that foreign aircraft were involved in the bombing of Libya.
El-Khabar: Hifter said that he does not seek to rule the country and what he is doing is not a coup. Then, what is the purpose of this operation?
Rukaibi: We should look back at when Hifter was trying to end the transitional period in Libya. He proposed a road map to the authorities in Tripoli, but there was no response. Hifter’s close associates confirm that he is trying to respond to the demands of the Libyan people, who are disaffected by the failure of the General National Congress in Libya. He wanted the government to end the transitional period and start a stabilization phase in the country. Most importantly, he was trying to end the influence of armed groups that were imposing their will on the authorities and on the people in the Libyan street in general. This was the reason why many citizens and tribes were ready to support Hifter in his quest, which explains the defection of military units from the central authority to join Hifter.
El-Khabar: Many believe that the ongoing conflict is between advocates of the civil state and Islamists.
Rukaibi: It is true, and this is an important aspect of the conflict. The conflict started on the political level and then turned into clashes on the ground between armed groups. Deposed Prime Minister Ali Zeidan warned about this. Perhaps the main reason of the conflict was the inability of Libya to get out of the vicious circle, as both parties are seeking the help of armed groups. However, the game changer today is that one of the parties of the conflict has found an external ally to throw its weight behind it, while the second party is counting on armed groups inside.
El-Khabar: Who do you mean by external forces supporting Hifter against the Islamic groups?
Rukaibi: I do not have specific information, but analysis is open [to many possibilities]. One can say that they are the same forces fighting Islamic groups on their territories and refuse the return of political Islam to rule in the region. This is not to mention the growing fears among Western capitals about the risk of armed Islamic groups spreading. I believe what is happening in Libya is the result of an alliance of these parties.
El-Khabar: Do you expect that Hifter will win in his quest?
Rukaibi: There is no room for expectations. The developments will be the answer. However, what I fear, as a Libyan citizen, is that the victory of one party will only deepen the security crisis at the expense of the Libyan people. We have already started to witness division between pro- and anti-Hifter people. Those supporting Hifter say that the people are tired of the chaos and need someone able to impose stability.
NOC Libya to meet with oil companies next week in London
Tripoli, 23 May 2014:
The 3rd New Libya Oil & Gas Forum will draw more than 200 senior level executives next week from the National Oil Corporation Libya . . .
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Read more: http://www.libyaherald.com/2014/05/24/noc-libya-to-meet-with-oil-companies-next-week-in-london/#ixzz32gqKyujX
Thanks for your post Henry. It seems to be a very fair assessment. I agree that there's no reason to sell since the market cap is less than $1M, and there is no dilution. So for now we just keep waiting and hoping that someday it will go up.
LOL, maybe next decade.
Western Oil Fields and Pipelines Restarted
Posted on 13 May 2014.
The Wall Street Journal reports that Libya’s oil production is set to double with the reopening of western oil fields and pipelines Monday.
Exports from two eastern ports resumed when protesters ended their occupation of the facilities after coming to an agreement with the government.
A spokesman for the National Oil Corporation (NOC) said on Monday that flows had resumed from major oil-producing fields of El Sharara, El Feel [El Fil, Elephant] and Wafa and the pipelines linking them to the Zawiya exports terminal.
The fields, which are operated by Spain’s Repsol and Italy’s Eni together produce 500,000 barrels a day.
A spokesperson for protesters at El Sharara told Reuters they reached a deal and had turned the field over to the Petroleum Facilities Guard (PFG) after ending their protest.
Sources: WSJ, Reuters)
Jebel Nafusa pipeline blockade ends
By Jamal Adel and Farah Waleed.
Tripoli, 13 May 2014:
The Jebel Nafusa oil blockade by a group of Zintanis who had turned off the valves on the pipelines taking oil from the Fil, Sharara and Hamada fields to Zawia has finally been brought to an end. It follows a long series of talks between the blockaders on the one side and Zintani elders and, more recently, Zintan Municipal Council on the other.
The reopening of the pipelines means that Libya can up production by some 500,000 barrels a day. Production in the affected oilfields was due to start today as a result.
“We finally reached into an agreement with the Zintani youths who turned down the terminal valves,” the Mayor of Zintan, Mustafa Al-Barouni, told the Libya Herald last night. “They’ve lifted their long-standing blockade.”
Those responsible had “demonstrated a genuine patriotism by deciding to lift the blockade unconditionally,” he added.
“The negotiations succeeded finally. We are keen to reactivate the operation within the next few hours,” said the Sharara terminal manager at Zawia port, Husain Al-Hingari, who also took part in the negotiations.
“We will work now to restore the full capacity of production in the Sharara first, then there will attempts to operate the other disrupted oilfields soon,” explained Al-Hingari.
Production at Sharara had been doubly hit. Protestors at the field had disrupted production and the valves on the pipeline along with those from Al-Fil, Al-Hamada and Wafa fields, were turned off at a valve station near Reyayna in Jebel Nafusa by members of the Petroleum Facilities Guard (PFG) from Zintan.
The Sharara protestors, however, had decided at the beginning of the month to give up their action, after they felt that they had obtained as much as they could in their demands.
The Zintanis were earlier reported to be demanding “compensation” to give up their blockade.
Read more: http://www.libyaherald.com/2014/05/13/jebel-nafusa-pipeline-blockade-ends/#ixzz31dPJBocu
Congress appoints Maetig as PM by 121 votes
By Libya Herald staff.
Tripoli, 4 May 2014:
In an unexpected final twist to today’s proceedings in the General National Congress, Ahmed Maetig was appointed Prime Minister after Congress members persuaded the deputy President to re-run a vote of confidence in him. He passed the 120-vote threshold by one vote.
In the earlier vote of confidence, he gained 113 votes, seven short of the figure needed to make him Prime Minister. He was then sworn in as Prime Minister and given two weeks to form a government.
The second vote took place after a number of absent Congress members were summonsed by colleagues to go in and vote.
“We were calling them out from their homes,” one GNC member told the Libya Herald.
“Some people had been unable to attend,” said Benghazi Congressman Ahmed Langhi. “They were called in. It’s perfectly normal bringing them in, so long as they cast their votes.”
It had been thought after the first confidence vote that the issue was finished and that Abdullah Al-Thinni would remain as Prime Minister by default. Amidst increasingly rowdy scenes in Congress with members shouting at each other, First Deputy President Ezzidden Al-Awami, who had chaired the session, closed proceedings and left.
At that point, according to Justice and Construction Party Congresswomen Amina Mahjoub, a number of members managed to convince the Second Deputy President, Saleh Makhzoum, that Awami was wrong to have ended the session and that he should have asked members if they wanted it to continue. “Based on that, he [Makhzoum] then re-activated the session.”
The Second Deputy President, who administered the oath to Maetig, told him that he had a fortnight to form a government and present it to Congress. He added, however, that it would be greatly appreciated if he did it more quickly. “You know the nation will not wait,”he told him.
Congress’ determination to replace Thinni regardless of how short a time any new prime minister would have in office, is seen as resulting from the fact that he was increasingly ignoring it.
Despite 121 members voting for Maetig, there was a vocal and seemingly bitter minority opposed to him, who vented their anger in Congress after the vote. Maetig, living in Tripoli but originally from from Misrata, now has the difficult task of uniting the country behind him.
Read more: http://www.libyaherald.com/2014/05/04/congress-appoints-matetig-as-pm-by-121-votes/#ixzz30r7T1Fbk
Yes, 2 places to the right would work for me
A lot of volume today! Almost 300K!
Libyan NOC Advisory Committee Board Meeting in London
Thursday, April 17, 2014
IRN and co-organizer Oliver Kinross met with senior Libyan NOC delegation and the Executive Advisory Committee on 2nd and 3rd April in London at the Charing Cross Hotel to discuss final preparations for the upcoming 3rd Annual New Libya Oil & Gas Forum, taking place in London on 29th-30th May.
Eng. Mohamed Al-Harari, the Head of Cooperation and Business Development of the Libyan National Oil Corporation, along with Dr. Mohamed S. Ellob, Head of the Downstream Development Committee of the NOC discussed the agenda of the only forum that the NOC is officially endorsing this year with the expert advisory committee.
The Advisory Board was formed with; Eric Butterworth, Board Member at the Libyan British Business Council; David Boote, a consultant geologist that has more than 25 years for Occidental Oil & Gas; Dr Daniel D Clark-Lowes, author of the “Oil & Gas Fields Atlas of Libya” and an expert deeply involved in the Libyan Oil & Gas sector since the 1970’s working with the NOC and Occidental Libya; Ed Evans, who has over 20 years’ experience with oil and gas technologies and is working on global projects for IOCs; Prof. Richard Moody, who has a 50 year experience in the oil and gas industry, 30 of which have been in the Libyan oil and gas sector; and Carlos Venturini who has a 26 year expertise in the global oil and gas E&P industry and specializes in the North African sector.
The 3rd New Libya Oil & Gas Forum will take place on 29th-30th May at the 5* Jumeirah Carlton Tower London Hotel. The two-day agenda will facilitate discussions on the current exploration activities, the geology and petroleum system, case studies on onshore and offshore operations, fiscal regime, development of existent undeveloped fields, future exploration and EOR potential, Libya’s pipelines, HSE standards, petrochemicals and refineries, digital oil and gas technology, upstream and downstream hydrocarbon investments.
BP Libya, Shell, Repsol and Sonatrach Libya (SIPEX) are just some of the international oil companies that will give insights at the forum presenting their onshore and offshore operations in the country.
http://www.petroleumafrica.com/libyan-noc-advisory-committee-board-meeting-in-london/
Libyan oil production to reach 1 m bpd by June: OPEC
Libya Herald staff.
Tripoli, 11 April 2014:
Libya’s oil production is expected to rise to one million barrels per day by the middle of June.
The forecast was made by OPEC Secretary General Abdullah Badri today during an international oil summit in Paris after Libya’s National Oil Corporation (NOC) announced the lifting of force majeure on the eastern port of Hariga near Tobruk.
Hariga has a capacity of 110,000 barrels per day.
Badri went on to say, LANA reports, that reaching a million bpd within two months would be achievable, but that it will be more difficult to increase production beyond the first million. The Secretary General said that the main challenge for Libya increasing production further will be the issue of security.
Libya’s oil production had been curtailed for nine months, falling down to as low as 160,000 bpd from a peak of 1.5 million bpd prior to the NOC announcing a state of force majeaure on its eastern oil ports in August last year.
In a joint statement on Tuesday, Libya’s allies had welcomed the agreement reached by the Libyan state and the eastern rebels to reopen the oil terminals.
Read more: http://libyaherald.com/2014/04/11/libyan-oil-production-to-reach-1-m-bpd-by-june-opec/#ixzz2ycXVnUWf
Zueitina and Hariga Ports Re-Opened
Posted on 07 April 2014.
An agreement on reopening the Zueitina and Marsa al-Hariga oil ports was signed in Zueitina on Sunday, with the ports of Ras Lanuf and Es Sider due to reopen in the next two to four weeks.
According to the terms of the agreement, the government will pay financial compensation to the rebels, drop legal charges against them and reverse its threat of a military crack-down in return for lifting of the blockade. There was also a pledge from Tripoli to hold an inquiry into oil industry corruption.
Platts reports that the ports had re-opened on Monday and would be able to load vessels in about 10 days.
In a statement, the office of Libya’s Prime Minister Abdullah al-Thani said the agreement was reached “to spare the national economy more losses resulting from the locked-down ports.”
When asked about the potential re-opening of the ports, one shipowner told Platts he would tread carefully before fixing any ships to transport cargoes from the region: “If all this happens plus the promises that Ras Lanuf and Es Sider will follow suit in two to three weeks then I will be happy.”
Libya’s two remaining and largest eastern oil terminals, Ras Lanuf and Es Sider, are due to reopen in the next two to four weeks under the same terms as Zueitina and Marsa al-Hariga, the agreement stated.
Restarting Ras Lanuf and Es Sider would be the most significant breakthrough for Libya since the eastern terminals were first blockaded in July last year.
(Source: Platts)
Two eastern oil ports to be reopened
Tripoli, 6 April 2014:
Two of the blockaded eastern oil ports are to be reopened after an agreement was reached this evening between the government and federalists operating under the control of Ibrahim Jadhran.
The oil export terminals at Zuetina and Hariga are to be reopened, according to Libyan news agency LANA. It is not clear what the situation is with regard to Sidra, where a shipment of oil was illicitly loaded onto a tanker in early March.
A full statement on the situation is expected to be made by Justice Minister Salah Al-Marghani on state television later this evening.
The terminals have been blockaded since the end of July last year.
Read more: http://www.libyaherald.com/2014/04/06/two-eastern-oil-ports-to-be-reopened/#ixzz2y9aQp4H5
Cyrenaican ‘government’ claims provisional deal with Tripoli
By Hadi Fornaji.
Tripoli, 2 April 2014:
The self-declared “Cyrenaican government” is claiming that a provisional deal has been reached with the government in Tripoli that would allow “most” of the blockaded eastern oil ports to be reopened.
According to Ali Al-Hassi, the spokesman for Ibrahim Jadhran and the Cyrenaicans, the government delegation led by Deputy Finance Minister Muraja Ghaith broadly accepted their demands during negotiations today in Brega. Both sides, he said, had shown “good intentions” in the talks. The government team had then left on a private plane back to Tripoli to report the discussions to the Prime Minister and a reply was expected within 48 hours. “Maybe tomorrow”, said Hassi.
He also denied reports that there had been a specific deal to reopen Zueitina terminal in the morning. Everything would depend on the government. “A big part of the oil ports would be reopened if the government accepts our demands,” he told the Libya Herald. Asked which ports, he replied cryptically “most”.
The Cyrenaican demands, he explained, were the formation of a committee to oversee the loading of oil in future with counting devices in operation; a committee to investigate past oil loadings; a distribution of oil revenues on a federal basis – to Tripolitania, Cyrenaica and Fezzan as per the 1951 constitution; international organisations to inspect what is happening in Libyan prisons; and the return home of displaced persons.
The first two are known to pose no problem for the government, and the last is not expected to raise objections other than in Misrata. Nor probably is the inspection of prisons. The sticking point has been dividing the oil revenue.
Hassi’s statement that “most” ports could reopen appears to indicate that Jadhran and the Cyrenaica federalists intend to keep one closed to pressurise the government into conceding further demands, among them possibly that Jadhran should be put in charge of the Petroleum Facilities Guards.
Any decision to do a deal with Jadhran, let alone concede his demand for splitting oil revenue on a federal basis is likely to meet with stiff opposition.
“It is not possible for the government to sign a deal with Jadhran”, a senior official at the Ministry of Defence told this newspaper today. “He is a wanted person” who had to be arrested, he said.
Read more: http://www.libyaherald.com/2014/04/02/cyrenaican-government-claims-provisional-deal-with-tripoli/#ixzz2xoZGanvA
Up 185% today, LOL.