• 7 hours Why Alberta Will Win The War Over Trans Mountain
  • 6 hours How Lousy Shale Oil Economics Will Pull Down The U.S. Economy
  • 4 hours Elon Musk Goes Full Conspiracy Theorist, Blames Big Oil for Tesla's Negative Media Coverage
  • 36 mins Russia attacks (again):Cyber Firms Warn On Suspected Russian Plan To Attack Ukraine
  • 4 hours How Much Oil Could EVs Feasibly Displace by 2040?
  • 23 hours Hamburg Becomes First German City To Ban Diesel Vehicles
  • 12 hours Psychological manipulation of oil prices.
  • 23 hours Euro Zone Economy Slowdown Sharper Than Expected In May
  • 11 hours Clean Energy Tech FAILURE says IEA
  • 13 hours $5 per gallon in Manhattan
  • 3 hours Saudi Arabia Ready to Start Pumping More Oil
  • 40 mins High Oil Prices Becoming Herd Mentality
  • 1 day API Inventory Data (Tuesdays)
  • 6 hours Water-Based Battery Claims Exceptional Scalability
  • 1 day Trump Oil
  • 6 hours Saudi Aramco IPO Seems Unlikely
How Does Oil Impact Bond Markets

How Does Oil Impact Bond Markets

Oil prices and 10Y yields…

The Global Oil Surplus Is Gone

The Global Oil Surplus Is Gone

The IEA has officially concluded…

Libya’s NOC Restarts Oil Fields

Oilfield Middle East

Libya’s National Oil Corporation announced yesterday that fields producing over 50,000 bpd of crude oil have been restarted.

NOC’s chairman Mustafa Sanalla called the restart of the fields “a humiliating setback” for the eastern NOC, which has been vying for more power over Libya’s oil wealth just as the Tobruk government vies for power with the one based in Tripoli, which is internationally recognized.

"Reopening the oilfields is a set back that will test the legitimacy of the parallel NOC in east Libya and its efforts to shut down production in Al-Wahat area and elsewhere," Sanalla said.

The reopening of the fields, shut down by a blockade for more than two months, was the result of the combined efforts of NOC and the country’s public prosecutor, which forced the local authorities of the Ajkhara oasis to reopen them.

Germany’s Wintershall stopped pumping oil from the fields last November, under pressure from local residents who demanded that the German company hire more local people to work in the fields and that NOC fulfill a number of other demands, too. However, NOC called the shutdown illegal on the part of Wintershall, estimating the losses at $281.4 million based on a total production of 4.4 million barrels that were not produced in the duration of the shutdown.

Related: The No.1 Challenge To The Oil Rally

When Wintershall first shut down production at one of the fields at the beginning of November, Sanalla accused the company of failing to stick to the terms of its contract with NOC and bluntly invited it to leave if it was unable to do it.

According to NOC’s head, the shutdown was not triggered by the protest but by Wintershall’s unwillingness to accept a change in the contract terms that eliminated a number of advantages that were unique to Wintershall and put it on an equal footing with all other foreign oil companies operating in Libya.

By Irina Slav for Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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