Thursday, September 4, 2014
Challenger Limited announces the closing of a major international partnership deal
Challenger Limited, a prominent provider of contract oil, gas and water land drilling and work-over services, has over 15 years experience in providing services to major and independent oil and gas companies. Over that period of time, Challenger Limited has been operating in; Libya, Egypt, Tanzania, Gabon, and the Republic of Niger. The company has a strong client base, including nearly all state-owned and major oil companies in Libya, as well as International players such as Agip/Eni, Total, Marathon, IPL, Veba and Verenex Energy.
Mr. Hassan Tatanaki, Chairman of Challenger Limited, declared that " In view of the vast opportunities of high growth in the MENA region, we along with our partners have decided to go into partnership with one of the best-regarded companies in the oil drilling industry; namely Bronco Drilling Company. This partnership will energize and undoubtedly increase our capacity to expand Challenger activities in both scope and scale. This was based on our full confidence and faith in the investment model and general direction". Mr. Tatanaki said that "This transaction shows that the growing cooperation amongst Libya, the U.S., and the Middle East, is creating an attractive investment environment for U.S. and International companies". continue reading
Tuesday, September 2, 2014
Libya Needs $25 Billion in Investments for Oil Production, Challenger Says
Libya’s oil industry will need at
least $25 billion in investment to increase its oil production
to 2 million barrels a day, the chairman of drilling-rig
operator Challenger Ltd. said.
“Fields need to be developed, others redeveloped,” Hassan Tatanaki said in a telephone interview today. “The Libyan oil industry needs a lot of revamping. We have to reinvest to be able to get the proper cost effective amount into the industry in terms of the country’s production level.”
The armed conflict in Libya, holder of Africa’s largest proven reserves, has reduced the nation’s output to 100,000 barrels a day in July from the 1.6 million barrels pumped before the uprising started in February. A full recovery of production may take as long as three years, according to analyst estimates.
Tatanaki, 53, said he intends to play a role in rebuilding Libya’s oil industry, of which Challenger’s 35 rigs across the country “are the core.” His Libya El Hurra charity, set up shortly after the unrest began, has been providing humanitarian aid and relief to refugees and those displaced by the conflict in Libya operating out of Egypt, Tunisia, Libya and the U.S. read more
“Fields need to be developed, others redeveloped,” Hassan Tatanaki said in a telephone interview today. “The Libyan oil industry needs a lot of revamping. We have to reinvest to be able to get the proper cost effective amount into the industry in terms of the country’s production level.”
The armed conflict in Libya, holder of Africa’s largest proven reserves, has reduced the nation’s output to 100,000 barrels a day in July from the 1.6 million barrels pumped before the uprising started in February. A full recovery of production may take as long as three years, according to analyst estimates.
Tatanaki, 53, said he intends to play a role in rebuilding Libya’s oil industry, of which Challenger’s 35 rigs across the country “are the core.” His Libya El Hurra charity, set up shortly after the unrest began, has been providing humanitarian aid and relief to refugees and those displaced by the conflict in Libya operating out of Egypt, Tunisia, Libya and the U.S. read more
$25b needed to boost crude output
Tripoli: Libya's oil industry will need at
least $25 billion (Dh91.8 billion) in investment to increase its oil
production to two million barrels a day, said the chairman of
drilling-rig operator Challenger Ltd.
"Fields need to be developed, others redeveloped," Hassan Tatanaki
said in a telephone interview on Friday. "The Libyan oil industry needs a
lot of revamping. We have to reinvest to be able to get the proper cost
effective amount into the industry in terms of the country's production
level."
The armed conflict in Libya, holder of Africa's largest proven
reserves, has reduced the nation's output to 100,000 barrels a day in
July from the 1.6 million barrels pumped before the uprising started in
February. A full recovery of production may take as long as three years,
according to analysts' estimates.
Tatanaki, 53, said he intends to play a role in rebuilding Libya's
oil industry, of which Challenger's 35 rigs across the country "are the
core".
His Libya Al Hurra charity, set up shortly after the unrest began,
has been providing humanitarian aid and relief to refugees and those
displaced by the conflict in Libya operating out of Egypt, Tunisia,
Libya and the US.
"We're not just concentrating on just medical and food supplies,"
Tatanaki said. "We also want to play a part in other ways so that in the
next year or so we have a proper constitution, transparency that helps
create a democracy."
Forces loyal to Muammar Gaddafi continued to battle revolutionaries
in the Libyan capital Tripoli, as the opposition National Transitional
Council said the North African nation's humanitarian aid needs are
"urgent".
Rebel leaders worked to retrieve assets frozen by the United Nations
and individual countries in an effort to obtain funding for food, and
humanitarian and medical needs, transitional council Chairman Mustafa
Abdul Jalil said at a press conference in Benghazi on Friday.
Venture Capital Bank Acquires Stake in Major Oil Drilling Company
ANAMA, Bahrain, November 21 /PRNewswire/ -- Venture Capital Bank (VC Bank), a Bahrain-based investment bank, along with its partner, the US private equity firm Global Emerging markets (GEM), have acquired a significant stake in the MENA-based oil drilling contractor Challenger Limited. Established in 1991, Challenger currently owns and operates a fleet of 22 rigs in Libya providing drilling and work-over services of oil, gas and water wells, with offices in Egypt, Saudi Arabia and UAE.
The acquisition was co-funded by VC Bank and its strategic technical partner GEM illustrating VCBank's non-conventional pursuit to attract North American and European funds and sources of capital to investment opportunities in the MENA region. This significant transaction was completed by a team from VC Bank and GEM, not only strengthening the successful partnership between the two firms, but demonstrating that the region hosts many attractive, yet obscured, investment opportunities represented in privately held companies such as Challenger that operates mainly in Libya. continue reading
Exclusive- Another Libyan Club Chases Kotoko Striker Seidu Bancey
By Saddick Adams
Ghana league top scorer Asante Kotoko could be on his way out the club at the end of the season after top Libyan outfit Al Ahli SC of Benghazi offered a mouth-watering offer for the hitman, Ghanasportsonline.com can exclusively reveal.
The striker's contract, Ghanasportsonline.com understands has a year left and the Asante Kotoko chiefs are quietly confident of him signing a new deal but the offer will obviously deril their plans.
Bancey has been watched by the Benghazi-based side for months and they lodged a fresh inquiry this week, according to reports.
Al Ahli Benghazi, owned by Libyan Billionaire business mogul and philantrophist Hassan Tatanaki have made the ex Edubiase marksaman their first-choice target to strengthen their attack at the resumption of the Libyan league.
The Ghanaian giants have just crashed out of the Champions League to Liberian club Barrack Young Controllers in just the first qualification round and things doesnt seem well financiakky for the club as striker Yahaya Mohammed shockingly signed for Libyan side Al Ittihad Tripoli.
Seidu Bancey tops the First Capital Plus Bank Ghana Premier League with 7 goals in 10 matches.
Ghana league top scorer Asante Kotoko could be on his way out the club at the end of the season after top Libyan outfit Al Ahli SC of Benghazi offered a mouth-watering offer for the hitman, Ghanasportsonline.com can exclusively reveal.
The striker's contract, Ghanasportsonline.com understands has a year left and the Asante Kotoko chiefs are quietly confident of him signing a new deal but the offer will obviously deril their plans.
Bancey has been watched by the Benghazi-based side for months and they lodged a fresh inquiry this week, according to reports.
Al Ahli Benghazi, owned by Libyan Billionaire business mogul and philantrophist Hassan Tatanaki have made the ex Edubiase marksaman their first-choice target to strengthen their attack at the resumption of the Libyan league.
The Ghanaian giants have just crashed out of the Champions League to Liberian club Barrack Young Controllers in just the first qualification round and things doesnt seem well financiakky for the club as striker Yahaya Mohammed shockingly signed for Libyan side Al Ittihad Tripoli.
Seidu Bancey tops the First Capital Plus Bank Ghana Premier League with 7 goals in 10 matches.
Libya Awalan TV joins CNN’s global affiliate network
CNN International has announced that Libya Awalan TV (which translates as ‘Libya First’) is to join its global network of affiliates. The partnership is the first with a private network in Libya and adds to CNN’s global presence, as well as its strength in North Africa.
Libya Awalan TV was founded
in March 2011, shortly after the conflict in Libya began, and made its
inaugural broadcast a few weeks later on 1 April. It employs more than
200 people and has control rooms in Tripoli and Benghazi, as well as in
Cairo. During the Libya conflict, Awalan’s reporters brought detailed
reports from across the country, and the station continues to report on
Libya’s ongoing recovery in five daily news bulletins and across
breaking news.
Deborah Rayner, VP and managing editor at CNN International, said: “Libya Awalan’s bravery and commitment to independent journalism during the conflict in Libya was an example to any news network, and their ongoing commitment to serious reporting is there for all to see. They will be valuable partners to CNN International and we’re delighted to be welcoming them to our affiliate family.”
Hassan Tatanaki, founder and chairman of Libya Awalan TV, added: “CNN is the original 24-hour news channel and a network that continues to set the standard in global news. It has a long-standing presence in and passion for our region, so to become part of its affiliate network is a proud moment for us as a young channel. We hope we can make a strong contribution to CNN’s reporting in a new and free Libya and beyond.”
Libya Awalan has recently covered a range of stories in Libya, from tribal clashes in the deserts of Kufra, to illegal immigration, student demonstrations in Benghazi, and the children returning to school in Zawiya. It regularly interviews Transitional National Council ministers and officials from the transitional government. Its programming includes news, political, social, and health reports, as well as sports coverage.
Deborah Rayner, VP and managing editor at CNN International, said: “Libya Awalan’s bravery and commitment to independent journalism during the conflict in Libya was an example to any news network, and their ongoing commitment to serious reporting is there for all to see. They will be valuable partners to CNN International and we’re delighted to be welcoming them to our affiliate family.”
Hassan Tatanaki, founder and chairman of Libya Awalan TV, added: “CNN is the original 24-hour news channel and a network that continues to set the standard in global news. It has a long-standing presence in and passion for our region, so to become part of its affiliate network is a proud moment for us as a young channel. We hope we can make a strong contribution to CNN’s reporting in a new and free Libya and beyond.”
Libya Awalan has recently covered a range of stories in Libya, from tribal clashes in the deserts of Kufra, to illegal immigration, student demonstrations in Benghazi, and the children returning to school in Zawiya. It regularly interviews Transitional National Council ministers and officials from the transitional government. Its programming includes news, political, social, and health reports, as well as sports coverage.
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