focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 491.30
Bid: 490.50
Ask: 490.60
Change: 2.00 (0.41%)
Spread: 0.10 (0.02%)
Open: 491.00
High: 493.10
Low: 490.30
Prev. Close: 489.30
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

EXCLUSIVE-Glencore loses exclusive rights to major Libyan oil grades

Thu, 10th Jan 2019 14:25

* Two grades account for one fifth of Libya's production

* Shell, BP and Unipec to take Sarir and Messla grades

* Libya's output is just under 1 million bpd(Adds context and detail)

By Julia Payne and Ahmad Ghaddar

LONDON, Jan 10 (Reuters) - Trading and mining giant Glencorehas lost its exclusive marketing rights for two ofLibya's main crude oil export grades after holding them sincelate 2015, trading sources with direct knowledge said.

The Switzerland-based firm had secured the rights to theSarir and Messla grades when it was one of the few foreigncompanies willing to deal with the North African country duringunrest that has wracked the country since 2011.

Glencore, which had exclusive rights on the two grades untilthe end of 2018, and Libya's National Oil Corp (NOC) declined tocomment.

In a sign of renewed international confidence in Libya's oilindustry, BP and Royal Dutch Shell returned tolifting directly from the country last year, initially takingother grades.

"Glencore lost exclusivity on Messla and Sarir," one of thetrading sources told Reuters, asking not to be named. "Companieslike BP and Shell had their first Messla and Sarir allocation."

A second trader said that now "anyone can get these grades."

The two grades account for nearly a fifth of Libyan outputthat now stands at 953,000 barrels per day (bpd), still wellbelow the pre-conflict level of 1.6 million bpd.

For a period when oil production fell even more sharply,those grades that are exported from the eastern Libyan port ofMarsa el Hariga generated the bulk of state revenues.

Libya's 220,000 barrel-per-day Ras Lanuf refinery, which isnow idled, ran on the two grades.

The remainder of Libya's crude streams have not beenallocated exclusively to one company for such an extendedperiod.

So far, Unipec was also allocated three cargoes from Marsael Hariga in January, one source said, although the proportiontaken of each grade by the trading arm of China's Sinopec wasnot immediately clear.

BP is due to take 1 million barrels on the Crescent Moontanker in mid-January from the same port, according to ashipping source and Refinitiv Eikon ship tracking. BP did notimmediately respond to a request for comment.

Shell is also due to take at least one cargo from Marsa elHariga, three sources said. Shell also did not immediatelyrespond to a request for comment.

Security challenges still threaten Libya's oilinfrastructure. Its largest oilfield, El Sharara, has been shutsince December over a dispute with tribesmen, armed protestersand state guards demanding salaries and development.(Reporting by Julia Payne, Ahmad Ghaddar and Ron BoussoEditing by Jason Neely and Edmund Blair)

More News
25 Jan 2024 11:00

Big turnout expected in New York offshore wind power auction

Jan 25 (Reuters) - Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP.

Read more
23 Jan 2024 17:25

BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

PORT OF SPAIN, Jan 23 (Reuters) - BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

Read more
23 Jan 2024 08:47

LONDON MARKET OPEN: Stocks see muted open; oil majors rise

(Alliance News) - Stock prices in London opened largely flat on Tuesday, failing to capitalise on broadly positive market sentiment elsewhere.

Read more
22 Jan 2024 19:33

Trinidad in talks with Europe to supply Venezuelan gas

PORT OF SPAIN, Jan 22 (Reuters) - Trinidad and Tobago has begun talks with some European countries on the supply of liquefied natural gas (LNG) produced from Venezuelan gas, Prime Minister Keith Rowley said on Monday.

Read more
22 Jan 2024 10:44

SDI promotes Chief Operating Officer Stephen Brown to chief executive

(Alliance News) - SDI Group PLC on Monday said its chief executive officer has stepped down, naming its chief operating officer as successor.

Read more
18 Jan 2024 21:47

Three New England states extend offshore wind solicitation due date

Jan 18 (Reuters) - Massachusetts, Connecticut and Rhode Island extended on Thursday the date bids are due in the states' next offshore wind solicitations from Jan. 31 to March 27.

Read more
18 Jan 2024 20:32

EXECUTIVE CHANGES: Eco Buildings chair leaves and vice chair ousted

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

Read more
17 Jan 2024 15:03

London close: Stocks slip after surprise jump in UK inflation

(Sharecast News) - London's financial markets experienced a downturn on Wednesday, as a surprising increase in UK inflation and sluggish Chinese GDP growth impacted investor sentiment.

Read more
17 Jan 2024 12:10

BP's Auchincloss named CEO, reaffirms energy transition plan

Auchincloss was interim CEO

*

Read more
17 Jan 2024 08:48

LONDON MARKET OPEN: UK inflation surprises markets sending stocks down

(Alliance News) - Stock prices in London took a hit on Wednesday morning, after some hotter-than-expected UK inflation data added to interest rate worries.

Read more
17 Jan 2024 08:33

TOP NEWS: BP buys Getec Energie; promotes Auchincloss to permanent CEO

(Alliance News) - BP PLC on Wednesday said that it will buy Getec Energie GmbH as it promoted Murray Auchincloss to the role of permanent chief executive officer.

Read more
17 Jan 2024 07:46

LONDON BRIEFING: UK inflation surprises as unexpectedly rises to 4.0%

(Alliance News) - Stocks in London are called to open lower on Wednesday, following some hotter-than-expected consumer price data from the UK.

Read more
17 Jan 2024 07:11

BP names acting CEO Murray Auchincloss as permanent leader

(Sharecast News) - BP has named its former chief financial officer Murray Auchincloss as its permanent chief executive, after having served in an interim capacity for the past four months.

Read more
16 Jan 2024 21:28

PRESS: BP close to naming acting CEO Auchincloss as permanent chief

(Alliance News) - Directors of BP PLC were meeting on Tuesday evening to finalise the appointment of Murray Auchincloss, the company's acting chief executive, as its permanent boss, according to a report.

Read more
16 Jan 2024 16:38

Shell halts Red Sea shipments over attack fears from Yemeni rebels

(Alliance News) -London-based oil major Shell PLC has paused transit through the key Red Sea shipping route indefinitely, over fears of escalating tensions involving Yemen's Houthi rebels, according to a media report on Tuesday.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.