• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 days Aramco Says No Plans To Shelve IPO
Alt Text

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take…

Alt Text

Oil Prices Rise Amid Falling U.S. Rig Count

Oil prices inched higher on…

Alt Text

Oil Quality Issues Could Bankrupt Venezuela

Falling Venezuelan oil quality could…

Mad Hedge Fund Trader

Mad Hedge Fund Trader

John Thomas, The Mad Hedge Fund Trader is one of today's most successful Hedge Fund Managers and a 40 year veteran of the financial markets.…

More Info

Report from Libya: Oil Majors Were Ready to Walk Before Trouble Started

Report from Libya: Oil Majors Were Ready to Walk Before Trouble Started

Over the weekend, I managed to catch up with a friend of mine who just escaped from Libya by the skin of his teeth. Sent there by an oil major to explore for deep water oil and gas in the Gulf of Sidra, he spent the first few weeks of the revolution staying at his home in an expatriate compound in Tripoli, out of harm’s way.

When he went out to forage for food, a car with four rebels pulled up alongside. One said “If you want to save your life, leave.” He managed to grab a seat on one of the last flights out of the country before the coalition attack, carrying just a handbag. The next day the fighting spilled over into his neighborhood. A week later his employer sent someone to see what was left. The entire compound had been looted, stripped bare of anything of value, and all the cars were stolen. My friend had lost all his worldly possessions.

He is now on an extended vacation awaiting a new assignment, and filling out compensation requests, which the company has promised to make whole.  I asked him exactly how much oil really was in Libya. He said that his firm had succeeded in finding commercially viable gas deposits off shore. But the government demanded such aggressive terms for further development that there was nothing left for the company.

The majors were ready to walk away from Libya even before the recent troubles started. Perhaps this is why the attack went forward so quickly. The real potential in Libya was in the older fields inland which had yet to benefit from modern technology. But the Gaddafi regime had yet to permit access to these areas.

In the meantime, the company is keeping 125 local staff on the payroll, in case there is a quick return to Libya. How the personal department manages this without a functioning banking system in the country is beyond my imagination. But oil majors have the world’s most sophisticated and competent managements, so I image they’ll somehow pull it off. A new regime will certainly be much more open to dealing with foreign companies. And after all, Gaddafi is only president for life.

By. Mad Hedge Fund Trader




Back to homepage


Leave a comment
  • Anonymous on April 20 2011 said:
    I am completely and totally against interfering in the domestic concerns of foreign countries, but it might have been possible to convince me that that I am wrong if I were not occasionally exposed to the complete and total stupidity of the inarticulate British foreign secretary, as well as the complete and totally stupid Danish boss of NATO, and their talk of protecting civilians. There are plenty of civilians in their home countries that need protecting.And by the way author, I am sure that you know - as I know - that the macroeconomic cost of this insane venture by our countries might turn out to be enormous.

Leave a comment




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