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2019-03-11 11:25:00

LIBYA'S OIL UP

LIBYA'S OIL UP

BLOOMBERGLibya's biggest oil field resumed production, adding another complication to OPEC's effort to trim a global supply glut.

Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren't authorized to speak to the media. Regular output will be fully restored in the coming days, now that the site has been re-secured after a three-month occupation at the site, state energy producer National Oil Co. said in a statement.

The field in southern Libya has a capacity of 300,000 barrels of crude a day. It was shut down in December after guards and armed residents seized it over financial demands and was then taken over last month by forces loyal to eastern militia leader Khalifa Haftar.

The NOC "has received assurances that site security has been restored, verified by our own inspection team, enabling staff to return to work," Chairman Mustafa Sanalla said in the statement, which urged that the oil company remain "free from extortion and armed incursion."

The shutdown led to $1.8 billion in lost production, according to the statement.

The company officially lifted its declaration of force majeure, a legal status protecting the NOC from liability if it can't fulfill a contract for reasons beyond its control. Plans are also in place to repair 20,000 barrels per day of production capacity destroyed by looting and vandalism during the blockade, according to the statement.

Oil rallied this year as the Organization of Petroleum Exporting Countries and allies agreed to reduce output by 1.2 million barrels a day in the first half of 2019 to avert a supply glut. Libya was exempt from the cuts because of its internal turmoil but its oil production disruptions along with U.S. sanctions on OPEC members Venezuela and Iran restricted supplies further. The producers' group will meet again in April to discuss whether to continue the supply reductions in the second half.

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Earlier:

LIBYA NEED INVESTMENT $60 BLN
2019, January, 30, 10:50:00

LIBYA NEED INVESTMENT $60 BLN

PLATTS - Libya's state National Oil Corp. is targeting a $60 billion overhaul of its oil and gas sector as it strives to reach a pre-civil war output level of around 1.6 million b/d by the end of this year.

 
 LIBYA'S OIL REVENUE UP 78%
2019, January, 7, 09:45:00

LIBYA'S OIL REVENUE UP 78%

REUTERS - Libya’s oil revenue rose to $24.4 billion in 2018, up 78 pct from 2017, Libya’s National Oil Corporation (NOC) said in statement on Sunday.

 
 BP AND ENI IN LIBYA
2018, October, 10, 07:35:00

BP AND ENI IN LIBYA

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 LIBYAN OIL UP
2018, September, 3, 14:55:00

LIBYAN OIL UP

PLATTS - Libya's crude oil production edged up again this week, with increased output from two smaller fields in the east of the country, sources said Friday.

 
 LIBYA'S OIL DOWN 160 TBD
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

 
 LIBYA RETAKES OIL
2018, June, 25, 12:10:00

LIBYA RETAKES OIL

PLATTS - The Libyan National Army has retaken the key eastern oil terminals of Ras Lanuf and Es Sider that shut 450,000 b/d of crude production, the head of the state-owned National Oil Corp. said Friday.

 
 TOTAL BUYS IN LIBYA
2018, March, 4, 10:45:00

TOTAL BUYS IN LIBYA

REUTERS - French energy company Total (TOTF.PA) substantially raised its presence in Libya with the purchase of a 16.33 percent stake in Libya’s Waha concessions from U.S. Marathon Oil (MRO.N) for $450 million on Friday.

 

Tags: LIBYA, OIL, PRODUCTION