• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 22 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 4 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 2 days Wind droughts
  • 20 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 9 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Australian power prices go insane
  • 5 days Xi Is Set To Be Re-Elected As China’s Leader
  • 4 hours "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 2 days Europeans and Americans are beginning to see the results of depending on renewables.
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 21 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Traders Are Cashing In On Volatile Markets

Oil Traders Are Cashing In On Volatile Markets

Oil traders are once again…

Europe Is Preparing For Power Outages This Winter

Europe Is Preparing For Power Outages This Winter

The European Union is preparing…

Biden's Battle To Bring Oil Prices Down

Biden's Battle To Bring Oil Prices Down

Biden desperately wants lower oil…

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 NOC Won’t Pay ‘Ransom’ For Biggest Oil Field

Libya’s National Oil Corporation said it would not pay a “ransom” to have the armed militiamen that shut down the field last week lift their blockade, the company’s chairman said in a statement.

NOC's chairman said 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, Mustafa 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.

Militants claiming they were members of the Petroleum Facilities Guard seized control of the field at the end of last week and are now demanding payment to release it. This harks back to the days when the PFG held control over all of Libya’s export terminals and using them to extract money from NOC and the government.

Sharara is Libya’s largest producing field, with daily production at more than 300,000 bpd. Earlier this week, Sanalla warned the shutdown of the field, which followed a rough weather spell that also took its toll on oil production, would bring Libya’s oil industry to the brink of a crisis. A shutdown of Sharara immediately affects production at neighboring field El Feel, which pumps 73,000 bpd, as the smaller field relies on power supplies from the bigger one.

"I want to be clear, this militia has to leave the field immediately,” Sanalla said in an earlier statement this 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