• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 6 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 5 hours Democrats and Gun Views
  • 6 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 3 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 7 hours Buy Oil Monday?
  • 2 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 17 mins Cost of oil
  • 4 hours “Who’s going to bail out the Central Banks?”
  • 3 hours Trump Orders Biofuel Boost
  • 12 hours It's the demand, Stupid
  • 9 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 6 hours Green New Deal Preview in Texas Town
  • 6 hours Used Thin Film Solar Panels at 15 Cents per Watt
The Top 5 Tech Stocks To Watch In 2020

The Top 5 Tech Stocks To Watch In 2020

The digital advertising market is…

Alaska’s Last Oil Frontier Will Never Be Developed

Alaska’s Last Oil Frontier Will Never Be Developed

All large publicly held firms…

Oil Production Drops As Libya’s NOC Declares Force Majeure Again

Sharara

Libya’s national oil company declared force majeure on Sharara crude oil loadings on Wednesday, according to a source familiar with the matter.

The country's largest oil filed began shutting down late on Tuesday—the second time this month--after a valve on the pipeline linking it to an export terminal on the Mediterranean Sea was shut, according to what two sources with knowledge of the matter told Reuters. The valve was shut by “unidentified perpetrators” according to Reuters.

The NOC last declared a force majeure not even two weeks ago. At the time, production at oilfield was forced offline, preventing the NOC from carrying out crude oil loadings at the terminal. The lost amount was at $19 million per day. That closure was due to a valve closure by unidentified persons as well.

Sharara oil field produces around 290,000 bpd, which is nearly one third of Libya's crude output. It is a prime target that is frequently attacked and blocked by militias. The deposit is operated by a joint venture between Libya’s National Oil Corp. and Total SA, Repsol SA, OMV AG and Equinor ASA.

Sharara has been sporadically shut down due to various group press political or financial demands. Production there stopped for three months late last year after guards and armed residents seized the field and demanded payments, costing the NOC about $1.8-billion in lost oil sales.

Oil exports are the source of almost all state revenue in Libya, which has the biggest proven reserves of crude in Africa. Struggling to return to a pre-civil war capacity of 1.6 million bpd, prior to the shutdown Libya was producing 1.2- 1.3 million bpd.

Libyan oil revenues are expected to drop by as much as 17% in 2019 as a result of disruptions in production, the Tripoli-based central bank governor said last week.

By Charles Kennedy 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
Download on the App Store Get it on Google Play