Oilfields in Libya

Location:
Libya also called the Great Socialist People's Libyan Arab Jamahiriya is a country in North Africa became independent from Italian colonial rule in 1951.At that time it was called Italian North Africa.
Bordering the Mediterranean Sea to the north, Libya lies between Egypt to the east, Sudan to the southeast,Chad and Niger to the south, and Algeria and Tunisia to the west.
With an area of almost 1.8 million square kilometres (700,000 sq mi), 90% of which is desert, Libya is the fourth largest country in Africa by area, and the 17th largest in the world.
The capital, Tripoli, is home to 1.7 million of Libya's 5.7 million people. The three traditional parts of the country are Tripolitania, the Fezzan and Cyrenaica.
History
On September 1,1969,a small group of military officers led by the then 27 year old army officer Muammar Abu Minyar al-Gaddafi staged a coup d’état against King Idris. At the time, Idris was in Europe for medical treatment. His nephew, Crown Prince Sayyid Hasan ar-Rida al-Mahdi as-Sanussi, became King. It was clear that the revolutionary officers who had announced the deposition of King Idris did not want to appoint him over the instruments of state as King. Gaddafi was at the time only a captain and his co-conspirators were all junior officers. Nevertheless the small group seized Libyan military headquarters (due to the sympathies of the stationed men) and the radio broadcasting station with 48 rounds of revolver ammunition. Before the end of September 1, Sayyid Hasan ar-Rida had been formally deposed by the revolutionary army officers and put under house arrest. Meanwhile, revolutionary officers abolished the monarchy, and proclaimed the new Libyan Arab Republic. Gaddafi was, and is to this day, referred to as the "Brother Leader and Guide of the Revolution" in government statements and the official press.
Oil fileds

1) The Bouri Offshore Field
Located 120 kilometers (70 miles) north of the Libyan coast in the Mediterranean Sea.It was first discovered in 1976 at a depth of 8,700 feet (2,700 m) and is estimated to contain 2 billion barrels (320,000,000 m3) in proven recoverable crude oil reserves and 2.5 trillion cubic feet (71 km3) of associated natural gas with an annual production potential of 6 billion m³. Bouri is considered the largest producing oilfield in the Mediterranean.
2) The Elephant field (also known as the El Feel)
An oil field located in onshore in Libya's Murzuq Basin(southwestern Libyan desert about 465 miles (800 km) south of Tripoli, Libya).The Operator of the Elephant Field is Agip(Azienda Generale Italiana Petroli) - General Italian Oil Company, a company equally owned by National Oil Company and Eni.
3) The Gialo High
A relatively small horst block in the eastern Sirte Basin( bordered on the north by the Gulf of Sidra) of the Libyan oil fields. It is most important and best known for the stacked oil fields in rocks ranging from Early Cretaceous to Oligocene age. There are several billion barrels of oil reserves associated with the structure both over the crest of the horst as well as flanking the high in the adjacent graben.
The Sirte Basin ranks 13th among the world’s petroleum provinces, having proven oil reserves estimated at 43.1 billion barrels of oil equivalent, an amount that constitutes 1.7% of the world’s known oil reserves.

4) NC186 oil field.
Located in the southwest of Libya near Ubari in the Targa Valley. It operated by Repsol.Repsol YPF, S.A. (originally an initialism for Refineria de Petróleos de Escombreras Oil - Yacimientos Petrolíferos Fiscales Sociedad Anónima, BMAD: REP) is an integrated Spanish oil and gas company with operations in 29 countries.
5) The Raguba field.
Central part of Libya's Sirte Basin. The Sirte Oil Company (SOC),a state-owned operates the Raguba field. The field is connected by pipeline to the main line between the Nasser field, one of the largest in Libya, and Marsa El Brega.
Libya's onshore oil has been discovered mainly in three geological trends of the Sirte Basin:
a) the western fairway, which includes several large oil fields (Samah, Beida, Raguba, Dahra-Hofra, and Bahi);
b) the north-center of the country, which contains the giant Defa-Waha field and Nasser fields, as well as the large Hateiba gas field; and
c) an easterly trend, which has large fields like Sarir, Messla, Gialo, Bu Attifel, Intisar, Nafoora-Augila, and Amal. Overall, the Sirte Basin contains approximately 80% of Libya's proven oil reserves and accounts for 90% of production.
5) The Sarir Field
It was discovered in southern Cyrenaica during 1961 and is considered to be the largest oil field in Libya, with estimated oil reserves of 12 Gbbl (1.9 km3).Sarir is operated by the Arabian Gulf Oil Company (AGOCO), a subsidiary of the state-owned National Oil Corporation (NOC).
6) Waha field
It is an oil field located in the Libya sirte basinand owned by the Waha Oil Company (WOC), which is a subsidiary of the National Oil Corporation (NOC).
7) The Zelten oil field (now known as the Nasser field)
Located in the town of Zelten, at the foot of the Zelten Mountains, about 105 miles (169 km) south of Marsa El Brega in Concession 6. Zelten holds the title as the largest oil field in the Gulf of Sirte. The 229 wells in Zelten use a gas lifting system.Discovered in 1956, Zelten was Libya's first major oil well.
Conclusion
Oil reserves in Libya are the largest in Africa and the ninth largest in the world with 41.5 billion barrels (6.60×10^9 m3) as of 2007.
The Dow is 8 market days to index/options expiry. Sign of rollover of contracts happen 7 days before expiry.
Quantitative Easing:3 months 17 days to go.
Today:ICSC-Goldman Store Sales
Tomorrow:EIA Petroleum Status(market moving news)

9:30am:--A bullish inverted hammer opener. Easing world oil prices after Saudi Arabia promised it could offset any supply disruption in the Middle East.
10:30am:--Ascending bulls bringing the index to session peak.Leadership from the financial sector has helped the advance.
11:30am:--Another hourly high.Bullish harami.
12:30noon:--The morning high being set.
1:30pm:--Bearish pullback.Softening oil price are hurting energy stocks.
2:30pm:-A sudden flurry of selling pulled the index to the bull pivot support line.Bullish harami formed.
3:30pm:--Retracement to near day's high.Double Top.
4:00pm:--Three Black Crows looking for dead cat bounce.

The index movement in March is within a very tight range.Despite the short-coverings activities today which is normal a week before index/options expiry,the overall March Candlestick is like a hangman with a long bearish lower shadow beneath.
There is already a leakage on the EIA Petroleum Status Report so today movement has already priced in the report.
This is the 2nd time(duplicate news) that Opec is "planning" to increase production but where is the call for extraordinary meeting to get the proposals moving.Another a second round of comfort news that Libyan leader is negotiating a truce.
All these are part of the theme play this month.