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Libyan Sharara Protests Force NOC Force Majeure

OIL

Libya’s National Oil Corporation (NOC) announced a force majeure with immediate effect for its Sharara oilfield on Sunday due to recent ongoing protests that began hitting production last Wednesday.

  • The field can produce ~300,000 bpd. Bloomberg reports it was producing 270,000 bpd before it was halted last week.
  • The NOC statement said that the Sharara closure has halted crude oil supplies from the field to Zawiya terminal.
  • The NOC is in discussions to resume operations as soon as possible at the field.
  • "Closing and reopening the production requires maintenance operations and the treatment of technical problems, as well as a lot of effort, a long time, and a high cost to be borne by the Libyan state treasury”, the ministry warned.
Energy BulletsCommodities
Energy BulletsCommodities

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