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Guyana's oil production fell to 620,000 barrels per day in January, the government reports
The Natural Resources Ministry reported on Friday that Guyana's oil production average fell to 620,000 barrels a day in January, down from 656,000 in December. This is the lowest monthly number since August. Three floating installations are controlled by a consortium that includes Exxon Mobil, Hess, and CNOOC from China. The average oil production of Guyana increased from 391,000 barrels per day in 2023 to 616,000 last year following upgrades at the facilities and production ramp up on one of group's vessels Prosperity which started operations late in 2023. The report of the ministry did not go into detail about the fall. In January, the government reported revenue of $230 millions from royalties and the share of oil production exported by the country. Guyana expects to earn $2.5 billion from the oil industry in 2025. This is a slight decrease from 2024, due mainly to lower crude prices. This week, a fourth vessel produced by SBM Offshore left Singapore for Guyana. Exxon announced earlier this week that it is expected to start production in the third quarter. This will increase the consortium's capacity to 940,000 bpd. Guyana's economy grew 43.6% last year as both oil production and exports increased. This was the fifth consecutive double-digit year for growth. Last year, Latin America's new oil producer became the fifth largest crude exporter in the region after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global oil supply increase. The government is pushing for the shift to natural gas as it pushes the energy executives and officials in Georgetown. (Reporting and writing by Kemol Kings, editing by Nia William)
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The timeline of underwater sabotage suspected incidents in the Baltic Sea
After a series of power outages, telecom links and gas pipelines since Russia invaded Ukraine 2022, the Baltic Sea region has been on high alert. The NATO military alliance increased its presence by adding aircraft, frigates and naval drones. A number of investigations are underway, but no suspects were brought to court. FEBRUARY: FINLAND - GERMANY TELECOM CANAL On February 21, the police of Sweden and Finland said they were investigating the suspected sabotage a undersea cable of telecoms in the Baltic Sea. The Swedish coast guard sent a vessel to where the damage was done. Investigators say that no suspects have been identified so far. Cinia, the Finnish operator, said that it detected problems with its C-Lion1 cable connecting Finland and Germany "sometime" before. It also confirmed that it received confirmation of damage to the cable even though data traffic continued. This was the third time within a short period of time that the C Lion1 cable had been damaged. It was previously completely severed back in November and December 2024. The European Commission announced that it would spend nearly a billion Euros to improve cable surveillance and create a fleet emergency repair vessels. JANUARY: SWEDEN - LATVIA CABLE A fibre optic cable undersea connecting the west coast Latvia to the Swedish island Gotland failed on 26 January, triggering an investigation from NATO and local authorities. Sweden seized the Maltese flagged bulk vessel Vezhen and boarded it on suspicion of gross sabotage. Navigation Maritime Bulgare, a Bulgarian shipping firm, said the anchor of the Vezhen had fallen to the seabed during high winds. It may have hit the cable but denied any sabotage. On February 3, a Swedish prosecutor concluded that the breach was accidental and released the vessel. POWER AND INTERNET CABLINGS FOR DECEMBER, 2024 On December 25, four telephone lines and the Estlink 2 underwater power cable, which connects Finland to Estonia, were damaged. Finland has seized the Cook Islands Eagle S tanker, on suspicion that it was responsible for the damage caused by its anchor dragging. The ship is also believed to be part of an "shadow fleet", which circumvents sanctions against Russian oil. The Kremlin has said that the seizure of the ship is not a big deal to them, and Russia previously denied any involvement in such incidents. The Finnish police reported on December 29, that they found tracks in the water where they suspect the Eagle S damaged the cables. Later, investigators recovered an anchor believed to be from the ship. The Finnish court rejected the request of Caravella LLC FZ based in the United Arab Emirates to release the ship. BALTIC TELECOM CABLES: NOVEMBER 20, 2024 On November 17 and 18 two undersea fiber-optic communication cables, located at a distance of more than 200 km (about 100 nautical miles) in the Baltic Sea, were cut. This raised suspicions about sabotage. The investigators focused on the Chinese bulk carrier Yi Peng 3. An analysis of MarineTraffic showed that the coordinates of the ship matched the time and location of the breaches. After a diplomatic standoff lasting a whole month, China finally allowed investigators and representatives from Germany along with those from Sweden, Finland, and Denmark to board the Yi Peng 3 on December 21, 2018. BALTICCONNECTOR PIPE AND CABLES - OCTOBER 20, 2023 The Balticconnector subsea pipeline that connects Finland and Estonia was cut by the Chinese container ship NewNew Polar Bear, according to Finnish investigators, when it dragged its anchor in early October 2023. The Estonian Police suspect that the ship also damaged telecoms cables linking Estonia with Finland and Sweden between October 7-8 before it hit the gas pipeline while on its way to St Petersburg, Russia. Estonian authorities claim that China did not fulfill its promise to Finland and Estonia regarding the investigation. SEPTEMBER: NORD STREAM BLASTS On September 26, 2022, explosions damaged Nord Stream 1 & Nord Stream 2 which were built by Gazprom across the Baltic Sea to supply natural gas to Germany. Sweden's investigation found explosive residue on several recovered objects, confirming that it was an intentional act. However, Sweden and Denmark ended their investigations in 2024 without naming any suspects. Western officials suggested that Moscow had blown up its own gas pipelines. This interpretation was rejected by Russia which blamed the United States of America, Britain, and Ukraine for these explosions which have largely cut off Russian gas from the European Market. These countries deny involvement. In August 2024 Germany requested that Poland arrest a Ukrainian dive instructor who was accused of being a member of a team which blew up pipelines. Poland claimed that the man fled the country before being detained. Reporting by Anne Kauranen, Essi Lehto, Nerijus Adomiaitis, Johan Ahlander, Stine Jacobsen, Andrius Sytas, Anna Ringstrom, Simon Johnson, and Agnieszka Oleniska in Gdansk. Editing by Andrew Cawthorne Timothy Heritage Alex Richardson David Evans
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Sources say that CPC Blend oil loadings were revised to 1.67 million bpd for February.
Two sources familiar with the loading schedule said that Black Sea CPC blend oil exports have been revised upwards to 1.67 millions barrels per day in February from 1.42million bpd previously due to increased supply from Kazakh fields. Caspian Pipeline Consortium (CPC), a pipeline operator who ships CPC Blend from Kazakhstan to Russia’s Black Sea Terminal in Yuzhnaya Ozereyevka said earlier this week that CPC pipeline capacity had been reduced after a drone attacked its pumping station. Sources and calculations show that CPC Blend oil loadings at CPC terminal will be about 6,000,000 metric tons or 1,67,000,000 bpd in February, which is 18% more than the previous plan. Sources confirmed that the most recent version of the loading schedule was approved with no restrictions or cancellations for the oil producers in Kazakhstan to supply oil into the CPC system. One source said, "It is very likely that they will reach 6 million tonnes this month." Kazakhstan's oil production was estimated to be at a record-high earlier this week. Sources said that the additional oil loadings are mainly from Tengizchevroil, which is led by Chevron and has announced a recent increase in production after a planned maintenance in late 2024 or early 2025. The sources stated that it was not clear whether CPC can maintain a steady flow in March, and continue to allow Kazakh oil exporters to increase their output. CPC Pipeline declined to comment on their operational activities and export planning. CPC pipeline carries more than 1% daily supply of crude oil from Kazakhstan, Tengiz oilfields on the Caspian Sea's northeastern coasts and Russian producers. It stretches 1,500 km (939 mi) long. The CPC is owned by the Russian government, Russian oil company Lukoil and KazMunayGas, a Kazakh state-owned company. David Evans, reporting; David Evans, editing
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Russian port agency reports that a cargo ship headed from Russia has a leak in the Sea of Azov
The Russian port agency reported that a Liberian-flagged cargo vessel carrying corn from a Russian to Turkey port is trying to stop the water leakage after it sustained a crack earlier this week in the Sea of Azov. The vessel Pavel Grabovskiy was loaded with 2,939 tonnes of corn. The vessel, Pavel Grabovskiy, was loaded with 2,939 tons of corn. In a statement released by Rosmorport on Thursday, it was stated that water was being pumped from the damaged ballast tanks and additional equipment to pump water would be arriving soon. Rosmorport sent a statement to the media on Friday stating that there were no injuries, oil spills or pollution of the waters. Shipping data revealed that it was unclear what caused the crack on the vessel, which was constructed in 1979. Vi-Za Star Shipping, a Turkish company based in Istanbul, declined to comment when contacted on Friday. A government letter obtained by revealed that Russia had ordered military divers inspecting ships in its ports after four suspected oil tankers visited terminals recently. In the last month, explosions have damaged three oil tankers in the Mediterranean and one off the western coast of Russia. Ship tracking data and shipping source said that all four vessels had visited Russian ports recently. Reporting by Jonathan Saul and Gleb Stolyarov; editing by Susan Fenton.
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Parry leads Kenya Open with 65 shots.
John Parry of England carded a bogey free 65 on Friday, giving him a tournament score 14 under par and a one-shot lead after the second round at the DP World Tour Kenya Open held at the Muthaiga Golf Club. Parry is the only player to have not dropped a shot since the start of the tournament. His 63 on the Thursday was a superb score. Hebert from France, who had a 66 during his second round, leads the leaderboard halfway through the event. South African Jayden Schper (69), who is currently in third place, is five shots behind Parry and Hebert. They are both nine shots under par, and have put some distance between them and the rest of the pack. Hebert advised that "conservative play is the best way to enjoy this course." The greens have become firmer and the pins on the front nine are more difficult, especially for those who don't play from the fairway. It was harder (on Saturday) than yesterday. Parry has already won one tournament on the DP World Tour in this season, the Mauritius Open. (Reporting and editing by Christian Radnedge.)
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How many US agencies have been affected by Trump's and Musk's job cuts?
Elon Musk is one of Donald Trump's closest advisors. Together, they have launched a massive campaign to reduce the 2.3 million federal employees. They have fired more than 10,000 workers in a chaotic and unprecedented effort. Layoffs were targeted primarily at employees who had been working in their current positions for less than one year. These workers have fewer protections on the job than those with longer tenure. About 75,000 workers also accepted buyouts offered by the Trump administration. The Trump administration is yet to provide a number of people that it has terminated. Reporters have gathered some details about the recent layoffs in federal departments and agencies. Internal Revenue Service A senior executive told employees on Thursday that the Internal Revenue Service would be firing 6,000 people, according to someone familiar with the situation. A source said that the IRS will lay off around 6,700 workers, mostly those hired during the Biden administration to combat fraud by wealthy taxpayers. Republicans opposed the expansion claiming it would result in harassment of ordinary Americans. The tax collection agency employs approximately 100,000 people. Department of the Interior Sources said that around 2,300 employees were laid off by the Interior Department. This included about 800 workers from the Bureau of Land Management. The Bureau of Land Management manages millions of acres of federal land for uses such as oil and gas exploration, timber harvesting, recreational activities, and cultural preservation. The department oversees 500,000,000 acres (202.3,000,000 hectares) in public land, including dozens national parks. Department of Agriculture People familiar with the plans say that the U.S. Forest Service is letting go 3,400 probationary staff, which equals 10% of their workforce. The U.S. Department of Agriculture announced on Tuesday that several employees who were working for the federal government on its response to the H5N1 bird flu outbreak had been accidentally laid off and that they are now trying to reverse those layoffs. Sources said that workers at the National Institute of Food and Agriculture (which supports agricultural science and technological research) and the Economic Research Service (which produces reports and statistics on the farm economy) were also fired. It is unclear how many people will be laid off from the Agriculture Department. The department employs almost 100,000 employees. Department of Health and Human Services A source said that 45% of newly hired employees at the Centers for Disease Control and Prevention who were still on probation were laid off. According to the Associated Press, nearly 1,300 CDC employees were fired. This represents one-tenth (10) of the agency’s staff. According to an internal email, the National Institutes of Health laid off 1,165 people, mainly probationary employees. STAT News also reported that FDA workers were laid off. It is not known how many FDA employees lost their jobs. More than 80,000 people work for the Department of Health and Human Services. This department oversees the CDC and NIH, as well as Medicare and Medicaid. STAT News reports that around 5,200 have lost their job. Department of Veterans Affairs The Department of Veterans Affairs has laid off more than 1,000 employees. This department provides health care and other benefits for millions of veterans. After the Democratic U.S. She said Senator Tammy Duckworth expressed concerns on X. Patty Murray, another Democratic Senator, stated that about 30 employees were rehired by an agency which operates a Pacific Northwest Hydroelectric Dam, after 200 employees had been fired, causing a public outcry regarding the reliability of power supply. The Department employs over 450,000 people, and supervises more that 1,500 healthcare facilities. Department of Energy The Department of Energy announced on Wednesday that 700 workers had been laid off. According to sources, up to 2,000 workers were informed that they would be laid off. Managers were instructed to give evidence as why certain employees should be rehired. Sources say that on February 14, 325 employees were notified that they would be laid off by the National Nuclear Security Administration. This is an Energy Department Office that manages and safeguards the U.S. arsenal of nuclear weapons as well as dangerous nuclear material around the globe. The Energy Department announced on Sunday that fewer than fifty workers were eventually sacked from the agency after an uproar in the public and an attempt by the administration, to hire some of these employees back. The Energy Department employs approximately 14,000 people and contracts with 95,000 others. ENVIRONMENTAL PROTECTION AGENT The Environmental Protection Agency fired 388 probationary staff. The Environmental Protection Agency, which enforces environmental laws such as the Clean Air Act, has announced the firing of 388 probationary employees. FEDERAL AVIATION Administration Sean Duffy, Secretary of Transportation, said that the FAA has fired over 300 of its 45,000 employees. This comes as concerns about air traffic safety are raised in light of recent plane crashes. Department of Education A letter obtained by has revealed that at least 160 new hires have been informed of their termination from the Department of Education. Trump has asked for the dissolution and termination of the entire Department of Education, including its 4,400 staff. However, Congress must approve. The federal department, while local and state governments are responsible for most education issues in the United States provide billions in grants and loans for higher education. It also provides funding for students who have disabilities or are economically disadvantaged. The department enforces civil right laws. CONSUMER FINANCIAL HEALTH BUREAU The Consumer Financial Protection Bureau (CFPB), which was responsible for protecting consumers against banks, debt collection agencies, and other financial companies, has been shuttered in large part after the Trump Administration ordered that it cease all activities. People familiar with the situation said that between 140 and 200 probationary or so-called "term" employees of the agency have been terminated. GENERAL SERVICES ADMINISTRATION Sources claim that 100 General Services Administration employees received termination notices. More than 12,000 employees work for the independent agency that manages government real estate and oversees government contracts. Office of Personnel Management Sources said that all probationary employees of the Office of Personnel Management (which handles the human resources of the U.S. Government) were terminated in a group meeting of around 100 people. Small Business Administration In a letter obtained by, the Small Business Administration fired at least 45 probationary staff. The agency employs thousands of people and provides support to small businesses. (Reporting and editing by Scott Malone, Deepa Babington, and Joseph Ax)
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Asia LNG spot prices fall to a three-week low due to tepid demand
The Asian spot price of liquefied gas (LNG), which is a form of natural gas, fell to its lowest level in three weeks on Friday due to the lacklustre demand for gas and the decline in European wholesale prices. Average LNG price for April deliveries to North-east Asia Industry sources estimate that the price of a million British thermal unit (mmBtu) was $14.00, down from $16.10 per MMBtu last week and at its lowest level since late January. Charles Costerousse is a senior LNG analyst with data analytics firm Kpler. He said, "We are bearish on Asian LNG prices due to the expectation of mild temperatures in north-east Asia during March and a recovery in LNG supply." Martin Senior, Argus' head of LNG pricing, stated that Japanese stock levels have been depleted due to a recent cold snap, but spot demand has been low. He added that prices are still too high for second-tier Chinese buyers as well as Indian firms. This is limiting the demand on the spot market in Asia. Gas prices in Europe fell this week to near four-weeks lows, but they have since stabilized as the U.S. talks with Ukraine to end the conflict and EU member states are discussing the relaxation of storage targets. Alex Froley is a senior LNG analyst with ICIS. He said that market volatility could still lead to large price swings, depending on the outcome the Ukraine peace negotiations and EU storage goals. The European Commission, according to a draft EU document, will be working on a more flexible target for EU countries in order to fill their gas storages ahead of the winter after being concerned that strict deadlines might drive up prices. "Fundamentally the European storage is still lower than in the past two mild winters, but it will be sufficient for the rest of the winter. It will take a large amount of gas to fill up before the next winter. Froley said that this will help keep the prices stable throughout summer. According to Florence Schmit, energy strategist at Rabobank, Europe may need to import 70 billion cubic meters (bcms) of LNG in the summer to fill the storage sites for next winter. Schmit said that if storage targets were relaxed this year, the strength of summer prices relative to winter prices would diminish. S&P Global Commodity Insights estimated its daily North West Europe (NWM) LNG Marker price benchmark on a basis of ex-ship (DES), for cargoes to be delivered in April, at $13.927/mmBtu. This represents a $0.67/mmBtu reduction from the April gas prices at the Dutch TTF Hub. This marks an 8% decline weekly. Spark Commodities set the price for delivery in March at $13,96/mmBtu. Qasim Afghanistan, Spark Commodities analyst, says that the U.S. arbitrage for north-east Asia through the Cape of Good Hope has decreased for the fourth consecutive week. However it still indicates the U.S. cargoes have an incentive to be delivered to Europe and not Asia. Afghan said that global LNG freight rates have recovered from previous record lows. On Friday, Atlantic rates were $6,250/day and Pacific rates were at a new record low of $10,000/day.
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Why the oil flow through the Iraq-Turkey Pipeline has been stopped
After a nearly two-year halt, crude oil could soon flow again through a pipeline connecting the semi-autonomous Kurdistan Region in northern Iraq with Turkey. According to sources, the Trump administration has piled pressure on Iraqi officials to allow Kurdish crude oil exports to resume or face sanctions along with Iran. The Kurdistan Regional Government and the Federal Government of Iraq have not yet worked out the details needed for a resumption, such as an acceptable payment mechanism to the oil companies. This is a summary of the dispute over pipelines: What is the latest? Iraq's oil minister Hayan Abdel-Ghani said to reporters on Monday, that oil exports will resume from the semi-autonomous Kurdistan Region next week. The announcement was made after the Iraqi Parliament approved on February 2 a budget amendement that set a rate for oil transportation and production costs of $16 per barrel in Kurdistan. The KRG is also required to transfer its oil production to the State Oil Marketing Organization, a state-run organization. In a brief statement posted on its website, an association of oil companies in Kurdistan that includes DNO Energy, Gulf Keystone Petroleum, Shamaran Petroleum and Genel Energy welcomed the amendment. KRG rejected the earlier $7.9 per barrel proposal as being too low. Safeen Dizayee, the head of the KRG's Department of Foreign Relations, said on Tuesday that no technical or legal issues remained to be resolved in order to resume the flow. He declined to specify when the pipeline would be reopened. The Turkish government said that it had not received any information yet from Iraq regarding the resumed oil flow on the Iraq-Turkey pipe. Why is it important? While Iraq, OPEC’s second largest oil producer, exports around 85% of its crude oil via ports in southern Europe, the northern route through Turkey accounts for only 0.5% of the global oil supply. The resolution of a dispute that has lasted for nearly two years could add to oil supply and increase prices. Baghdad's oil minister stated that Baghdad expects to receive around 300,000 barrels of crude oil per day (bpd). It is expected that the oil export resume will also ease the economic pressure on the Kurdistan Region, where the stoppage has resulted in salary delays for workers of the public sector and cutbacks to essential services. What prompted the shutdown? On March 25, 2023, Turkey stopped pumping approximately 450,000 barrels of oil per day (bpd), including around 370,000 bpd KRG crude via the pipeline. The flow was stopped after the International Chamber of Commerce ordered Ankara pay Baghdad $1.5 billion for damages incurred by unauthorised exports from 2014 to 2018. Baghdad claimed that the national company responsible for the marketing of Iraqi oil, SOMO was the only one authorised to handle crude exports through the Turkish port. The pipeline was shut down by Turkey because the Iraqi federal government gained the right to control loading in Ceyhan. What is the dispute about? Iraq filed an arbitration request in 2014 at the Paris-based ICC regarding Turkey's role as a facilitator of oil exports out of Kurdistan, without the consent from the federal government. Iraq claimed that Turkish trading and pipeline firm BOTAS violated the 1973 Iraq-Turkey Pipeline Agreement by facilitating Kurdish crude oil exports through Ceyhan. Sources told us that the ICC ruled Iraq had the right to control loadings in Ceyhan, and ordered Turkey pay half of the discount on KRG oil sold. Iraq received a net award of $1.5 billion, before interest. The initial request was for $33 billion. A case is currently being arbitrated that covers the period of 2018 and beyond. Reporting by Maha El-Dahan, Ahmed Rasheed, and Nerijus Adomatis; editing by Daniel Flynn
Libya's first oil company to be owned by a private firm is growing in the shadow of eastern commander
According to U.N. experts and shipping records, a Libyan company that is linked to a powerful faction in eastern Libya has exported at least $600,000,000 worth of oil since May. This marks the end of the National Oil Corporation’s monopoly over exports.
The little-known Arkenu Oil Company was established in 2023 and is the first private Libyan oil company to ship. This means that some of the oil revenue of Libya will likely be diverted away from the Central Bank of Libya.
Since the fall of Muammar Gaddafi, Libya has been divided by armed groups. It is now largely split between an internationally recognized government in Tripoli, located in the west, and a rival administration, controlled by Khalifa Hastar's forces, in the east.
The central bank of Tripoli has been at the center of many disputes, mainly over the distribution and use by that institution of the oil revenues. Haftar's troops, who control the majority of Libya's fields, have shut down production and exports periodically, most recently last August, to make sure money flows east.
Arkenu's ownership could not be determined. In a report submitted to the Security Council on Dec. 13, a U.N. expert panel said that Arkenu is indirectly controlled by Saddam Haftar. He is one of Khalifa Haftar’s sons.
Charles Cater is the director of investigations for The Sentry, a global investigative and policy organization.
For this article, we also interviewed Libyan experts, diplomats, traders, and reviewed over two dozen documents including letters from oil companies, government decisions, and bills of lading.
Arkenu's website and LinkedIn profile indicate that the company is headquartered in Benghazi. This city, located in eastern Libya, has a Mediterranean port with a terminal of oil under Haftar’s control.
Two sources claim that the company was founded in early 2023, by former employees of state-owned National Oil Corporation.
Arkenu website, but never received a response. A spokesman of the Libyan National Army (which Haftar commands) was also contacted without a response.
OPEC MEMBER
According to a U.N. Report, Saddam Haftar became chief of staff for the army's ground force in May of last year. This gave him control over the country's relations with its neighbouring countries, as well as its economic interests.
Arkenu's first connection to oil exports was when the Arabian Gulf Oil Company, a subsidiary of NOC awarded it ownership of a cargo in May. A letter dated 11 July seen by was the proof.
Arkenu exported seven more oil cargoes since then. Its total exports from May to December 2024 will be 7.6 million barrels based on shipping records and worth approximately $600 million if Brent crude average monthly prices are used.
Exxon Mobil, the U.S. oil giant, bought one of the cargoes destined to Italy on October 28, according documents and data reviewed by LSEG and Kpler.
According to a person with knowledge of the situation, Exxon purchased the cargo not directly from Arkenu but from another trader.
Unipec is the trading arm for China's Sinopec - the largest refiner in the world. At least two of these were destined for Britain or Italy.
Sinopec didn't respond to a comment request. It wasn't immediately clear whether Sinopec purchased the cargoes from Arkenu or another trader.
Requests for comments from the NOC, AGOCO, and central bank were not answered. The oil ministry refused to comment.
Libya, Africa's second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries, has been in chaos since Gaddafi was overthrown, but oil exports remained under the control of the central government.
The NOC still accounts for a large part of Libyan exports. It has operated independently in this volatile country and maintained political neutrality.
Based on Kpler's data and calculations, it shipped 264 million barrels worth $21 billion in the same time period for Arkenu’s eight shipments.
SARIR AND MESSLA FIELD
Payments are made for NOC crude cargoes in dollars at the Libyan Foreign Bank, New York. Then they are transferred to the Tripoli Government's central bank account.
Shipping documents indicated that payments for Arkenu cargoes were to be made into accounts at the Dubai-linked state bank Emirates NBD, and Banque de Commerce et de Placements SA, both in Geneva. The documents did not indicate whether payments had been made to these accounts or where the money might have been deposited.
Emirates NBD stated that it could not confirm or deny client relationships because of internal policies and regulatory requirements. Banque de Placement confirmed or denied any client relationships in accordance with its policy.
U.N. experts say Haftar has the support of Egypt, Russia and United Arab Emirates.
He spent 20 years in the U.S. before returning to help rebels overthrow Gaddafi. He launched the Battle of Benghazi in 2014 and it has been his stronghold since then. His forces have a tight hold on the east of Libya where the majority of the main oilfields of the country are located.
Arkenu, in addition to being allowed to export crude oil, was also made a part-owner of the Sarir and Messla major oilfields. This is according to a letter from the NOC dated 10 July, during the tenure then NOC chairman Farhat Bengdara who resigned last week.
The letter didn't give any details about the partnership. AGOCO, a subsidiary of NOC, runs the two fields. They account for around 300,000. barrels of high-quality crude per day - same grade that Arkenu exports.
Cater, of The Sentry, said that there was no evidence to suggest that Arkenu had performed any development or services at the Mesla oil fields. Arkenu’s claims of hundreds of millions in NOC payments, made as oil export cargoes to Arkenu, raise serious suspicions of corruption.
Arkenu became a partner in the development of three smaller oilfields, Sultan and Latif (in Libya's east) and Tahara (in the west), according to an November 2023 cabinet resolution.
According to the U.N. Report, members of armed groups were appointed to different posts at the NOC as part of a reshuffle. This included setting up a separate office responsible for service contracts with private companies.
The U.N. report stated that "among them was an arrangement with the first privately owned oil company in Libya, Arkenu Oil Company."
(source: Reuters)