Politics, Geopolitics & Conflict
-Protests in Libya that have led to the shutdown of the Sharara oilfield, the country’s largest, are also putting upward pressure on oil prices. Protesters are demanding better public service and development in southern Libya. The Sharara field has a 300,000 barrel-per-day capacity and has been the target of protests in the past, most recently in July this year. Libya is currently producing around 1.2 million bpd and is targeting a ramp-up to 2 million bpd by 2030. Oil prices reacted to this shut-in (and rising Middle East tensions) earlier in the week by rising, gaining as much as 3% at one point on Wednesday. However, on Thursday, fears of a loss of Libyan supply were counterbalanced by fears of slackening demand.
-Lebanon has launched its third oil and gas exploration licensing round, with bids for the nine blocks offered due by 2 July 2024, despite the ongoing threat of conflict with Israel. Blocks 1-10 will be auctioned off, with the exception of Block 9, which went to a consortium of TotalEnergies, Eni and Novatek in 2017.
Discovery & Development
-Two of Talos Energy’s nat gas deepwater discoveries in the GoM–tied back to its Ram Powell tension-leg platform–came online in December, the company said this week. The two discoveries, Lime Rock and Venice, achieved a rate of 18,500 boepd, 45% of which is oil, in late December. The combined gross ultimate recoverable resources of the discoveries…