• 1 hour Nigeria Among Worst Performers In Electricity Supply
  • 8 hours ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 13 hours Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 17 hours Saudis To Award Nuclear Power Contracts In December
  • 20 hours Shell Approves Its First North Sea Oil Project In Six Years
  • 21 hours China Unlikely To Maintain Record Oil Product Exports
  • 22 hours Australia Solar Power Additions Hit Record In 2017
  • 23 hours Morocco Prepares $4.6B Gas Project Tender
  • 1 day Iranian Oil Tanker Sinks After Second Explosion
  • 4 days Russia To Discuss Possible Exit From OPEC Deal
  • 4 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
  • 4 days Kenya Cuts Share Of Oil Revenues To Local Communities
  • 4 days IEA: $65-70 Oil Could Cause Surge In U.S. Shale Production
  • 4 days Russia’s Lukoil May Sell 20% In Oil Trader Litasco
  • 4 days Falling Chinese Oil Imports Weigh On Prices
  • 4 days Shell Considers Buying Dutch Green Energy Supplier
  • 5 days Wind And Solar Prices Continue To Fall
  • 5 days Residents Flee After Nigeria Gas Company Pipeline Explodes
  • 5 days Venezuela To Pre-Mine Petro For Release In 6-Weeks
  • 5 days Trump Says U.S. “Could Conceivably” Rejoin Paris Climate Accord
  • 5 days Saudis Shortlist New York, London, Hong Kong For Aramco IPO
  • 5 days Rigid EU Rules Makes ICE Move 245 Oil Futures Contracts To U.S.
  • 5 days Norway Reports Record Gas Sales To Europe In 2017
  • 5 days Trump’s Plan Makes 65 Billion BOE Available For Drilling
  • 6 days PetroChina’s Biggest Refinery Doubles Russian Pipeline Oil Intake
  • 6 days NYC Sues Five Oil Majors For Contributing To Climate Change
  • 6 days Saudi Aramco Looks To Secure $6B In Cheap Loans Before IPO
  • 6 days Shell Sells Stake In Iraqi Oil Field To Japan’s Itochu
  • 6 days Iranian Oil Tanker Explodes, Could Continue To Burn For A Month
  • 6 days Florida Gets An Oil Drilling Pass
  • 7 days Oil Prices Rise After API Reports Staggering Crude Oil Draw
  • 7 days Tesla Begins Mass Production Of Solar Shingles
  • 7 days EIA Boosts World Oil Demand Forecast For 2018 By 100,000 Bpd
  • 7 days Businessman Seeks Sale Of $5.2B Stake In Kazakhstan Oil Field
  • 7 days Exxon Accuses California Of Climate Change Hypocrisy
  • 7 days Norway’s Recovering Oil Industry Resumes Hiring
  • 7 days $2.3 Million Seized Following Singapore Oil Heist
  • 7 days China Nears 2016 Carbon Emissions Target
  • 8 days Oil Companies Respond Slow To New U.S. Lease Plan
  • 8 days Maduro To Issue First 100 Million Petros Despite Skeptics
Alt Text

The Battle For Libyan Oil Is Heating Up

Libya's fragile political balance could…

Alt Text

Nigeria’s Oil Strike Stokes Fear In Markets

A Nigerian oil workers union…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Is ISIS About To Attack Libyan Oil?

conflict

Islamic State forces in Libya may be planning an attack on the country’s so-called Oil Crescent, where its export terminals and many fields are located, a senior official from the U.S. Africa Command told Asharq Al-Awsat.

The daily quoted AFRICOM spokeswoman Robyn Mack as saying, “At the moment, we believe that the organization (ISIS-Libya) is likely to give priority to the restructuring of security forces and infrastructure, and to launch strikes, which may include targets in the Libyan oil crescent.”

Since September last year, the Oil Crescent has been under the control of the Libyan National Army, which is affiliated with the eastern government but working with the National Oil Corporation to protect the area from militant groups. An LNA general confirmed the AFRICOM information, saying that IS forces have made more than one attempt to enter the heart of Libya’s oil industry, but have thus far been repelled by the LNA.

On December 26, an explosion on the Zaggut to Es Sider oil pipeline in eastern Libya occurred, as confirmed by Libya’s National Oil Corporation. The pipeline transports crude oil to Libya’s largest oil export terminal, Es Sider.

Later that week, the LNA accused the Benghazi Defense Brigades—a group it has been fighting for quite a while—of being behind the attack Related: Iranian Crisis Could Send Oil To $100

Although the pipeline operator, Waha Oil Company, immediately diverted production to another pipeline, NOC was still expecting production losses of 70,000 bpd to 100,000 bpd, Libya’s state oil corporation said on the day of the explosion. The news of the Libyan oil pipeline blast sent WTI briefly above $60 a barrel on Wednesday.

Although Libya has agreed to cap its 2018 oil production at the 2017 levels as part of its contribution to the OPEC production cut pact, the country has been struggling to raise its production significantly above 1 million bpd—the level it reached this summer for the first time since 2013.

By Irina Slav for OIlprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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