Israel to Ease Drilling Curbs to Entice Majors to Next AuctionBy - BLOOMBERG

June 26, 2018, 12:30 AM GMT+3Stephen Cunningham

• Egypt deal, planned gas pipeline improve export outlook
• Sees progress on resolving Cyprus row over gas reservoir

Israel plans to relax drilling restrictions as it gets ready to offer up more offshore exploration licenses later this year following a lackluster reaction last time around.

From talks already held or planned with some of the world’s biggest oil and gas companies, including Exxon Mobil Corp., ConocoPhillips and BP Plc, it “seems as if there is a lot of interest,” Israeli Energy Minister Yuval Steinitz said in an interview in Washington on Monday.

Libya says it's yet to approve Total's deal for Marathon assets - WORLD OIL

4/23/2018

SALMA EL WARDANY

CAIRO (Bloomberg) -- French oil giant Total SA said last month it had acquired Marathon Oil Corp.’s assets in Libya in a $450-million deal.

Not so fast, says the country’s state energy company.

Libya’s National Oil Corp. hasn’t yet approved the transaction and is “discussing arrangements” for the proposed sale with the country’s presidency council, Chairman Mustafa Sanalla said Monday. His assertion suggests the purchase -- which would more than double Total’s production in the North African nation -- won’t necessarily proceed as planned.

“Any transaction of this nature must have the approval of NOC and the Libyan authorities,” Sanalla said in a statement. “Any attempt to conclude the sale prior to this approval would be in breach of the concession’s contractual agreement.”

Total didn’t immediately respond to a request for comment.

Total acquires a 16.33% stake in the Waha Concessions in Libya - TOTAL

2018/MARCH/02

Paris - Total has acquired Marathon Oil Libya Limited which holds a 16,33% stake in the Waha Concessions in Libya. This acquisition will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of around 50.000 barrels of oil equivalent per day (boe/d) and a significant exploration potential across the area of 53.000 square kilometers covered by the Concessions in the prolific Sirte Basin. The consideration payment for the transaction is 450 million U.S. dollars.

“This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region,” said Patrick Pouyanné, Chairman and CEO of Total. “It builds on the Group’s long-term presence in Libya, a country with very large oil and gas resources, and demonstrates our commitment to continue supporting the recovering oil and gas industry of the country.”

Libya's oil output revival thwarted by pipeline explosion - WORLD OIL / BLOOMBERG

DEC/26/2017

SALMA EL WARDANY

CAIRO (Bloomberg) -- Libya’s oil industry revival suffered a setback Tuesday after an explosion at a pipeline carrying crude to the OPEC nation’s biggest export terminal. Oil rallied as a result.

Production will drop by 70,000 to 100,000 bopd after the explosion, the state-run National Oil Corp. said in a statement. The pipeline, operated by Waha Oil Company, carries crude to the Es Sider terminal. The blast occurred 81 mi south of Sidra.

Libya's political chaos deepens - PETROLEUM ECONOMIST

Tunis, 14 February 2017Chris Stephen

An Islamist militia attack on the Sirte Basin was repulsed. But more conflict looks likely

A new offensive by Islamist militias to capture Libya's eastern oilfields has set back the state oil company's hopes that foreign firms will return to the country's upstream - and creates new doubts about its ability to sustain an oil-output recovery.

The Benghazi Defence Brigades, originally from Benghazi and now occupying the central towns of Houn and Waddan, launched an offensive on 9 February against the Libyan National Army (LNA), which has since September controlled the Sirte Basin, the prolific heartland of Libya's oil sector.

Libyan oil production shows signs of continued gains: Wood Mac - WORLD OIL

11/23/2016

LONDON -- Wood Mackenzie's latest study on Libya's oil production shows the country's output has doubled from 300,000 bopd in early September to close to 600,000 bopd today, adding to the global oil supply glut.

Although an OPEC member, Libya's output has fallen so drastically it won't be bound by any production restrictions. The country will seek to recover its lost market share, notably in southern Europe where refineries prize its light, sweet blends.

"Libya's oil production increases have occurred despite the absence of a political agreement between competing administrations, and an ongoing security vacuum," said Martijn Murphy, research manager at Wood Mackenzie.