• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 12 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 1 hour Even Shell Agrees with Climate Change!
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Red Sea Disruptions Spark Oil Tanker Shortfall

Red Sea Disruptions Spark Oil Tanker Shortfall

Disruptions in the Red Sea…

Canada Oil Faces Fresh Pipeline Shortage

Canada Oil Faces Fresh Pipeline Shortage

Canadian oil production could hit…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Libya Declares Force Majeure On Largest Oil Field

After a week’s blockade by a militant group, Libya’s largest oil field, Sharara, has been shuttered by a force majeure declaration by the National Oil Corporation. Reuters cited a statement issued by NOC, saying that production from the field will resume when “alternative security arrangements are put in place.”

This force majeure follows another one from last week that covered exports from the blocked field, which pumps more than 300,000 bpd, contributing almost a third of Libya’s national total.

The latest problems for the field, which has already become the target of several production interruptions this year, began a week ago. Initial reports said the blockaders comprised local tribesmen and members of the Petroleum Facilities Guard—the group that until two years ago held control of Libya’s four export terminals in the Oil Crescent, demanding payment from the government to allow crude to be exported, severely affecting production.

Later during the week things escalated when the PFG demanded money from the government to lift the blockade from Sharara. NOC’s chairman warned this course of action would be ill-advised.

Mustafa Sanalla said that if the Libyan Ministry of Finance paid the militants, this would set a dangerous precedent that would endanger Libya’s economic recovery. A day earlier, Sanalla said in a letter to the Prime Minister of the UN-recognized government of Libya that if a ransom was paid, NOC would not restart production at Sharara or lift the force majeure on the Zawiya export terminal and refinery, where the crude from Sharara goes, putting the government between a rock and a hard place.

"I want to be clear, this militia has to leave the field immediately,” Sanalla said in a statement last week. “We stand wholeheartedly with the people of the south and understand their concerns. At NOC we are doing all we can to improve the living conditions of the residents. Their legitimate demands and grievances however have been used by criminals who are only in pursuit of self-interest.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News