Libya’s Biggest Oil Field Shut Down As Tensions Rise

22 Aug 2017   Libya

The shutdown of Libya’s Sharara oilfield, the country’s largest field, has once again shown that expected production growth of several OPEC countries should not be taken for granted. Even though several media sources have been publishing overwhelmingly optimistic reports about the security situation in the country, especially after the unexpected production boost of Libya’s battered oil and gas sector, the perceived ‘peace’ between General Khalifa Haftar’s LNA and the East Libyan government (HoR), remains shaky at best. A pipeline blockade by an armed group has hindered the loading of Sharara crude from the Zawya oil terminal since Sunday. Libya’s national oil company, NOC, has already declared a force majeure. The Sharara oil field, run by a JV of Libya’s NOC and international oil companies Repsol, Total, OMV and Statoil, is crucial to the revival of Libyan oil production, as it is currently producing around 280,000 bpd. In the past […]

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