• 1 min UAE Oil Giant Seeks Partnership For Possible IPO
  • 45 mins Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 hours VW Fails To Secure Critical Commodity For EVs
  • 3 hours Enbridge Pipeline Expansion Finally Approved
  • 4 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 hours OPEC Oil Deal Compliance Falls To 86%
  • 20 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 22 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
Why U.S. Crude Exports Are Booming

Why U.S. Crude Exports Are Booming

U.S. crude oil exports are…

Footloose Iraq Cannibalizes Saudi Market Share

Footloose Iraq Cannibalizes Saudi Market Share

OPEC’s de-facto leader Saudi Arabia…

Libya Arrests Oil Executives For Alleged Offshore Fraud

Handcuffs

Just as Libya loads its first tanker from a new floating storage platform in the offshore Bouri oilfield, authorities have detained four senior oil executives over fraud related to the vessel.

Authorities on Monday arrested four senior executives from Mellitah Oil and Gas, which operates the Bouri field in a joint venture between the National Oil Corporation and Italy’s Eni, according to Libya media reports.

The authorities allege that the four abused their power and wasted public money in the acquisition of the 120,000-ton Gaza storage tanker, which is part of the US$425-million floating storage and offloading vessel (FSO).

More specifically, the authorities allege that the contract price of the Gaza was inflated, and claim that an 11-month delay in the delivery of the vessel was not reimbursed in line with a penalty clause for five percent of the contract value.

The names of those arrested have not been released officially.

On Monday, the new FSO loaded its first tanker from the Gaza platform, which was constructed in South Korea. The platform arrived in May 2016 and began pumping crude in January 2017. The new platform replaces an ageing Italian platform.

The platform’s storage tanks have a capacity to hold 1.5 million barrels.

Related: Artificial Intelligence To Reveal The Biggest Secret In Oil

Production began in the Bouri oilfield in 1988. It was discovered in 1976.

The news comes as Italian oil giant Eni is working to increase its activities in Libya, despite the political chaos, and despite the fact that other supermajors have withdrawn entirely.

In January, Eni launched exploratory drilling for gas offshore.

The political situation in Libya is still such that the continuation of current production levels is uncertain at best. While the country is now producing 715,000 barrels per day, down from its Ghaddafi heydays of 1.6 million bpd, the ongoing power struggle and rapidly shifting alliances render stability elusive, and allows smuggling to thrive.

Last week, forces of the Misrata militia announced the creation of yet another ‘guard’—the Libyan National Guard (LNG)—ostensibly to “protect” institutions. Yet they have already engaged in clashes with the flailing UN-backed Government of National Accord (GNA). This has pushed GNA closer to its main rival, General Haftar of the Libyan National Army (LNA).

Then, on Monday, unnamed sources told Libyan media that the head of the GNA’s Presidential Council was planning in the coming days to propose the formation of a ‘mini-government’ that would have a unified military council headed by General Haftar.

If successful, this new alliance could help unify Libya, at least temporarily.

By Damir Kaletovic for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News