False Start for Libya’s Oil Production

Armed individuals entered Libya’s largest oil field, El Sharara, just a day after reports said the field had restarted production after months of idling amid the ongoing civil war. Another force majeure has been declared. Reports quote the National Oil Corporation as saying the “armed force” had told the workers on the field to stop working just hours after they had begun planned maintenance at the field. NOC itself told its employees not to obey that order. Details about the armed force were not disclosed. The first production phase at Sharara was supposed to begin at a capacity of 30,000 bpd, Libya’s state oil firm said in a statement, noting that production was expected to return to full capacity within 90 days due to the damages caused by the long shutdown. The field has a total production capacity of 300,000 bpd.

SOURCE: OIL PRICE