• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 39 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 8 hours US Shale Drilling lacks regulatory body.
  • 2 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 10 mins The Plastics Problem
  • 3 hours Solar Panels at 26 cents per watt
  • 3 hours Trudeau approves Trans Mountain Pipeline
  • 1 hour Venezuela's Maduro sneaks $300 million of gold out of country to Africa.
  • 7 hours Huge UK Gas Discovery
  • 15 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 15 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 8 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 7 hours Malaysia Oil & Gas Updates
  • 1 hour Coal Boom in Asia is Real and a Long Trend
  • 49 mins Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)

Breaking News:

Oil Stabilizes On Small Crude Draw

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Giant Libyan Oilfield Reopens After 2 Year Outage

The El-Feel oil field in western Libya—operated by a joint venture between Italy’s Eni and Libya’s National Oil Corporation (NOC)—reopened on Wednesday after two years, and expects to start pumping oil as soon as a power outage is fixed, Bloomberg reported on Thursday, citing a person familiar with the matter.

Should the field, also known as Elephant, start producing soon, it could add up to 90,000 bpd to Libya’s oil output that has been crippled by continuous faction fighting and political turmoil.

Authorities are working to fix soon the power outage at the field, which has been closed since April 2015, Petroleum Facilities Guard (PFG) Brigadier Idris Bukhamada told Bloomberg.

In December last year, NOC confirmed in a statement the re-opening of Shahara and El-Feel fields, with production capacity of about 330,000 bpd and 90,000 bpd, respectively, after Rayayina Patrols Company of the PFG, Western Branch, announced lifting of the blockade on all the pipelines.

However, guards wanting benefits prevented El-Feel from reopening.

Last week, NOC said that the Fazan Branch of PFG has been blockading production at El-Feel since 20 December 2016 and that Libya’s direct losses from that exceeded $460 million.

Another field in the west that Eni operates together with NOC, Wafa, has also been producing in fits and starts amid the civil unrest and militia fighting.

Last week, the Wafa oilfield reopened oil and gas pipelines to its nearby port after local elders negotiated an agreement with an armed group that had caused NOC to enact a force majeure. The shutdown had started on March 26. Related: Does This Reversal Show A Crack In The Philippines’ War On Mining

Libya’s NOC has said that it would target production of around 1.2 million bpd by the end of this year, but this level is currently nowhere in sight. As per OPEC’s secondary sources, Libya – exempt from the production cuts due to the violence – produced 622,000 bpd in March, down from 683,000 bpd in February.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





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