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Tullow says finds more oil in Kenya NAIROBI: Fresh oil finds were announced Wednesday in Kenya's arid and under-developed north, further raising the prospect of a potential major boost to the country's economy, Tullow Oil said.Tullow, a British-listed company focused on Africa, said it had raised its estimate of resources there to over 600 million barrels after new discoveries at two onshore wells in northern Kenya."Exploration results to date... have proven that Tullow's onshore acreage in northern Kenya has the potential to become a significant new hydrocarbon province," Exploration Director Angus McCoss said in a statement."Tullow believes that the overall potential for the basin, which will be fully assessed over the next two years through a significant programme of exploration and appraisal wells, is in excess of one billion barrels of oil," the company said. The latest discoveries -- two wells in Block 10BB, Amosing-1 and Ewoi-1 -- mean Tullow has clocked up seven consecutive finds in ...

Kuwait says oil market balance takes precedence over price issue KUWAIT: Balance in global oil markets takes precedence over the crude price, Kuwait's new oil minister said on Sunday. Asked whether 100 dollars a barrel was a good price for oil, Ali al-Omair told reporters at a reception: "The issue of balance comes before the issue of price." Omair, who was appointed last week, said OPEC member Kuwait targets 3.5 million barrels per day capacity by 2015. Copyright Reuters, 2014 ...
West Africa Crude-Differentials pressured LONDON: West African crude oil differentials stayed under pressure on Monday, with sales slow as buyers awaited lower offers before picking up the ample supply available for February loading. Highlighting fading demand from the biggest customers of West African crude oil, exports to Asia will fall to around 1.86 million barrels per day from 2.16 million bpd in December, a Reuters survey showed on Monday. Traders said that signs of increasing exports from Libya ...
UAE's ADNOC sets Dec Murban crude price at $113.85/bbl DUBAI: Abu Dhabi National Oil Company (ADNOC) set the December retroactive selling price for its benchmark Murban crude at $113.85 per barrel, ADNOC said on Sunday. Copyright Reuters, 2014 ...
Libya warns against buying crude from seized oil ports in east TRIPOLI: Libya warned customers against buying any crude offered by a pro-autonomy group which seized three oil ports in the east of the OPEC producer more than five months ago, the state oil firm said on Saturday. The heavily-armed group calling for autonomy and a greater share of oil sales is occupying the eastern Ras Lanuf, Es-Sider and Zuweitina ports, which previously accounted for 600,000 barrels a day of oil exports. ...
Libya Hariga port stays shut as oil deadlock drags on TRIPOLI: An eastern oil port, which officials had said was to open soon, remained shut on Monday, as the paralysis of Libya's oil sector continued, caught in a struggle between Tripoli and the regions. Hariga has been shut since August due to an occupation by local people. The 110,000 barrels per day oil port was still closed but officials were "looking forward to hearing good news," National Oil Corp spokesman Mohamed al-Harari said. ...
Libya's Hariga port to resume exports within days BENGHAZI: Libya's eastern Hariga port will resume oil exports within days after authorities reached an agreement with protesters to end four months of blockage, an oil official said on Friday.Tribesmen and other protesters have occupied Hariga, located in Tobruk in the far east of Libya, since August to press for political and financial demands despite several government attempts to reopen the terminal.A reopening of the export port would be a victory for Prime Minister Ali ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln