X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 8 hours America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 2 hours IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 8 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 2 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Texas Supply Chain Massacre
  • 2 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 5 hours Top Conservative Lawyer Says Trump Can Stand Trial
  • 5 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days An exciting development in EV Aviation: Volocopter
Jet Fuel Demand Is The Only Thing Holding Oil Back

Jet Fuel Demand Is The Only Thing Holding Oil Back

Oil prices have rallied past…

Can China Shake Its Dangerous Addiction To Oil?

Can China Shake Its Dangerous Addiction To Oil?

The world is scrambling to…

What To Expect From The Upcoming OPEC+ Meeting

What To Expect From The Upcoming OPEC+ Meeting

While bullish sentiment has taken…

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’s Largest Oil Field Shuts Down Just One Day After It Restarted

Armed individuals entered Libya’s largest oil field, El Sharara, just a day after reports said the field had restarted production after months of idling amid the ongoing civil war. Another force majeure has been declared.

Reuters quotes the National Oil Corporation as saying the “armed force” had told the workers on the field to stop working just hours after they had begun planned maintenance at the field. NOC itself told its employees not to obey that order. Details about the armed force were not disclosed.

"The armed group, which came from Sebha, stormed the Sharara oilfield and pulled their guns on civilian unarmed workers, coercing them to stop production at the field at dawn," the NOC said in a Tuesday statement.

The first production phase at Sharara was supposed to begin at a capacity of 30,000 bpd, Libya’s state oil firm said in a statement, noting that production was expected to return to full capacity within 90 days due to the damages caused by the long shutdown. The field has a total production capacity of 300,000 bpd.

Libya also restarted a second oilfield over the weekend, the 70,000-bpd El Feel which is linked to Sharara, a field engineer told Reuters on Sunday.

Libya’s oil industry ground to halt after the Libyan National Army, a group affiliated with the eastern government of Libya, blockades the oil export terminals of the country. The blockade was part of the LNA’s offensive against Tripoli and the UN-supported government.

Fighting has been ongoing since then, with oil production falling from over 1 million bpd to less than 100,000 bpd, with exports shrinking by 92 percent between January and May. The NOC also said last month the total losses incurred from the blockade and the production outages had reached $5 billion.

“The first quarter of 2020 was a huge decrease in revenues for Libya, as a direct result of the illegal blockade of numerous oil and gas facilities. This is only part of the picture, as the corrosion in pipes caused by still oil and salt water is resulting in physical damage that will cost millions to fix when the crisis is over,” NOC’s chairman, Mustafa Sanalla said in late May.

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




Oilprice - The No. 1 Source for Oil & Energy News