• 2 days Court rules DOE to implement Obama efficiency rules
  • 5 hours DOA to invest $6.5M in coal industry
  • 6 hours US to hold largest oil and gas lease sale in its history
  • 1 day Tillerson Seeks A Deal With Erdogan On Syria
  • 1 day White House considering steel and aluminum tariffs
  • 2 days Iraq Seeks $100 Bln to Rebuild Economy
  • 2 days Allegedly the Search For Aliens is Struggling Thanks to Cryptocurrency Mania
  • 4 hours New Rules to Phase Out Coal and Reduce Natural Gas in Canada
  • 2 days Amazon reaches $1.2 million settlement with EPA over illegal pesticide sales
  • 5 hours White House Not Even Close to Regulating Bitcoin Yet
  • 1 day U.S. Bancorp hit with $613M in penalties
  • 5 hours Experts said US losing ground to China on AI
  • 2 days Australia's solar power boom to double in a year
  • 2 days US intelligence warn against Chinese phones
  • 2 days Electric Buses to Reach Half of World Fleet by 2025
  • 2 days How Good Is Putin's Word?
Asia’s Strong Diesel Demand Supports Crude Prices

Asia’s Strong Diesel Demand Supports Crude Prices

As oversupply fears return to…

Oil Holds Steady, But Rebound Seems Unlikely

Oil Holds Steady, But Rebound Seems Unlikely

Oil prices have stabilized at…

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