• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 20 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 17 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 1 hour Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 2 days Trump Hands Putin Major Geopolitical Victory
  • 4 hours America Could Go Fully Electric Right Now
  • 4 hours Buying votes is cool now.
  • 5 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 2 days Those Nasty White People and Camping Racism
  • 3 hours Brent above $45. Holding breath for $50??
  • 1 day .
  • 1 day The Truth about Chinese and Indian Engineering
  • 1 day COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 4 hours China wields coronavirus to nationalize American-owned carmaker
  • 1 day The World is Facing a Solar Panel Waste Problem
  • 3 days Oil Tanker Runs Aground in Mauritius - Oil Spill
Robinhood Investors Have A New Favorite Oil Stock

Robinhood Investors Have A New Favorite Oil Stock

Robinhood investors are an increasingly…

Eni’s Libyan JV Loses 155,000 Bpd because Of Continued Blockade

Eni’s joint venture with the Libyan National Oil Corporation is losing 155,000 barrels of oil per day of production because of the continued blockade of oil export terminals and fields, according to NOC, as quoted by Reuters.

Mellitah Oil and Gas as the joint venture is called operates the El Feel and Abu Attifel fields, both of which have been shut down following the blockade. Adding the loss of daily gas production, NOC said, Mellitah is incurring losses of $9.4 million in revenues on a daily basis.

Earlier this week, NOC’s Mustafa Sanalla warned that Libyan oil production could stop completely if the blockade continued.

A group of paramilitary formations affiliated with General Khalifa Haftar’s Libyan National Army occupied the export terminals last week along with pipelines and fields. The blockade came amid continued fighting between the LNA, which is loyal to the eastern Libyan government and the forces loyal to the Government of National Accord, which is recognized by the United Nations.

NOC declared force majeure on the oil terminals, with production losses at the time estimated to reach between 500,000 and 800,000 bpd. That’s down from over 1.2 million bpd that Libya was producing before the LNA blockade. However, by Tuesday, production had dropped to just 300,000 bpd with Sanalla telling Bloomberg it could drop further to just 72,000 bpd.

Eni, which stayed in Libya throughout the ordeal that followed the removal of Muammar Ghadaffi in 2011, accounts for as much as 45 percent of the country’s oil and gas production. Libyan operations contribute 15 percent of the company’s global total output. According to Energy Voice, the Mellitah oil and gas complex is currently outside of the LNA’s control, but the group is trying to expand its presence in the area.

Eni is seeking to expand its presence in Libya as well. Last year, the Italian major said it was going to restart an exploration program with BP, but later decided to postpone the restart because of the deterioration in the security situation in the North African country.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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