Oil Wealth News

Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since a consortium led by Exxon Mobil began pumping in late 2019, Guyana's shipments have soared, bringing the South American nation's oil export income to $1.1 billion last year, according to official figures provided to Reuters.The government's $1.1 billion share of oil revenue was up sharply from a combined $409 million in profit and royalties in 2021.

Yemen's Houthi group is piling on pressure to extract economic gains in U.N.-led talks for an extended truce deal with attacks on oil ports in government-held areas, which officials say have disrupted crude exports, choking state revenues.Yemen's foreign ministry said in a statement that the Houthis launched a drone attack on the southern Qena port in Shabwa on Wednesday. The group's military spokesman said on Twitter that the operation "foiled an attempt to loot" Yemen's oil by preventing a vessel from docking.A joint statement by the U.S.…

An oil tanker owned by Venezuelan state oil company Petroleos de Venezuela's maritime division is undergoing repairs in Cuba after suffering a fire while discharging last week, four people familiar with the matter said this week.The Aframax-sized vessel Teseo had set sail from Venezuela's Cardon port with about 500,000 barrels of fuel oil for power generation on October 20, destined for Cuba's Felton port, according to an internal PDVSA document and Refinitiv Eikon ship tracking data.The fire started in the Panama-flagged tanker's engine room and was attributable to lack of proper maintenance by cash-strapped PDVSA, two of the people said.

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus pandemic – and the state government gets most of its revenue from investment earnings that have now evaporated."Alaska is experiencing a perfect storm, a most terrible trifecta, the hat trick from hell," said state Senator Natasha von Imhof, co-chair of the Senate Finance Committee, at a hearing Saturday.

Fires at oil storage tanks in the major Libyan terminal of Ras Lanuf were still raging on Friday more than 24 hours after an attack by Islamic State militants, a firefighting official said. Mustafa Moussi said fires were burning at five of the terminal's 13 storage tanks, one of which was close to collapse. "Even with the best efforts of the firefighters we are expecting the worst in the coming hours," he told Reuters. Libya remains plagued by violence and political turmoil almost five years after the uprising that overthrew Muammar Gaddafi. Rival governments backed by armed factions in Tripoli and the east have battled for power and a share of the country's oil wealth.

Fires have spread to seven oil tanks at Libya's ports of Ras Lanuf and Es Sider following attacks this week by Islamic State militants, a Petroleum Facilities Guards (PFG) spokesman said on Thursday. Ali al-Hassi said five storage tanks were burning at Es Sider and two at Ras Lanuf. Two tanks were hit by shelling this week and the fires have since spread. Hassi said the PFG remained in control of the area and that there were no clashes on Thursday. Separately, however, at least 65 people were killed on Thursday when a truck bomb exploded at a police training centre in the town of Zliten east of Tripoli, local officials and hospital sources said. Both Es Sider and Ras Lanuf have been closed since December 2014.

Fires caused by clashes between Islamic State militants and guards near Libya's biggest oil ports have spread to four oil storage tanks that were still burning on Wednesday, a guards spokesman said. Ali al-Hassi said the Petroleum Facilities Guards were in control of Es Sider and Ras Lanuf ports, but that skirmishes continued. At least nine guards were killed and more than 40 injured in fighting around the perimeter of the area on Monday and Tuesday. Hassi said guards had recovered bodies of 30 Islamic State fighters, and had also captured two military tanks and other vehicles from the militants. Firefighters were trying to control three fires at Es Sider and one at Ras Lanuf. Two blazes were triggered by shelling from Islamic State, and fire had spread to two more, Hassi said.

Armed factions deploying heavy weapons. Peace talks making little progress. Hidden behind a pile of sand, a tank points its gun towards Libya's biggest oil port on the other side of an invisible frontier that now divides the north African nation. Factions fighting for control of Libya and its oil wealth have moved columns of heavy weapons to this new front line running through the middle of the country, escalating a conflict that Western powers fear may lead to a national break-up four years after the overthrow of Muammar Gaddafi. In an attempt to prevent Libya from sliding into all-out civil war, the United Nations hopes in the coming days to resume peace negotiations between the warring parties…

A Libyan warplane attacked a fishing trawler carrying gasoline to the port of Benghazi this week after the internationally recognised government suspected it of supplying Islamist militants, a military official said on Thursday. Libya's recognized government, which has been driven out of the capital, is locked in escalating conflit with a self-declared government of a faction known as Libya Dawn that seized Tripoli last summer. There were no details about the ownership or origin of the vessel which military official Mohamed Hejazi said was attacked on Tuesday off the coast of the eastern city of Benghazi, which has seen heavy fighting for months between pro-government forces and Islamist militants.

Rebels occupying major oil ports in eastern Libya said on Wednesday they would boycott Prime Minister Ahmed Maiteeq and keep two major export terminals shut for now, a blow to efforts to restore vital oil exports. The rebels even warned they would take action if Tripoli did not fulfil its part of a recent agreement to reopen the oil ports, a veiled threat to close the terminals again. "Nothing has been implemented," said Abd-Rabbo al-Barassi, self-declared prime minister of the rebel movement. He accused the Muslim Brotherhood and other Islamists in parliament of undermining the agreement and trying to take over the ports. The struggle over energy wealth is part of growing turmoil in the North African country three years after the overthrow of dictator Muammar Gaddafi.

Libya may have averted a state collapse by striking a deal with eastern rebels to reopen occupied oil ports, but technical delays and simmering federalist dissent threaten to disrupt production once again. On Sunday, Libya's fragile government reached an agreement with Ibrahim al-Jathran, the leader of eastern rebels, to reopen two oil ports they were holding and lift a nine-month blockade crippling crude exports. Under the deal, Hariga and Zueitina ports will reopen immediately, with the larger Ras Lanuf and Es Sider terminals to be freed by Jathran's men in less than four weeks after more negotiations. Nearly three years after dictator Muammar Gaddafi's fall…

ZUEITINA PORT, Libya/TRIPOLI, April 7  - Libya's Zueitina oil port prepared on Monday to load crude into tankers after the government reached a deal with rebels to reopen four terminals that insurgents have occupied since the summer. The federalist rebels agreed on Sunday to end gradually their eight-month blockade of Zueitina, Hariga, Ras Lanuf and Es Sider ports, which account for around 700,000 barrels per day of the OPEC country's crude exports. Brent crude fell $1.47 to a low of $105.25 per barrel before recovering to $105.72 by 1256 GMT, after news of an end to the port protest removed some of the supply worries affecting the oil market.

Libya's Zueitina oil port prepared on Monday to load crude on tankers after the government reached a deal with rebels to reopen four terminals that insurgents have occupied since summer. The federalist rebels agreed on Sunday to end gradually their eight-month blockade of Zueitina, Hariga, Ras Lanuf and Es Sider ports, which account for around 700,000 barrels per day of the OPEC country's crude exports. Brent crude fell $1.47 to a low of $105.25 per barrel before recovering to $105.72 by 1256 GMT, after news of an end to the port protest removed some of the supply worries affecting the oil market. "The port is ready to start exporting at the present time or later at any time…

Rebels deny losing control of North Korean-flagged tanker; Government says tanker being taken to western port. Oil blockade has slashed vital government revenues. Libya on Monday stopped a North Korean-flagged tanker that had loaded oil from a rebel-held port, after naval forces briefly exchanged fire with the rebels, officials said. But in a sign of the chaos and conflicting information typical for Libya, rebel leader Ibrahim Jathran denied in a televised statement broadcast from a ship that he had lost control of the oil tanker. The LIbyan officials also said the government will assemble forces to "liberate" all occupied ports, raising the stakes over a blockage that has cut off vital oil revenue.

Scottish nationalists are betting $2.5 trillion of hydrocarbons trapped miles beneath the North Sea could bankroll an independent Scotland, but winning control of the European Union's largest oil reserves would be no blank cheque. Scotland says the bulk of Britain's North Sea oil and gas reserves are in its waters, while London says any division would be subject to negotiations should Scots vote to end their 307-year-old union with England in a referendum on Sept. 18. Oil is the punch in Scottish First Minister Alex Salmond's pitch for independence: he accuses London of squandering the North Sea's mineral wealth and says Scotland would be one of the world's richest countries if it took control of its own destiny.

It was reported that militant youths in Nigeria's Niger Delta are holding 12 Royal Dutch/Shell workers hostage, to press for compensation for an oil spill in their area. Shell officials in Lagos said they were not aware of the kidnapping, which the youths said was to forced the oil company pay $1.5 million compensation for a 1989 oil spillage. Sources said the oil workers, mainly Nigerians, were seized by youths from Arhavwarien community in Ugheli South Local Council in southern Delta State, on their way to effect repairs of a leaking pipeline in a neighboring village. Residents demanding a greater share of Niger Delta region's oil wealth frequently sabotage or kidnap oil workers to try to win payments from oil firms.