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Tuesday, July 23, 2019
Libya saw its oil production drop by around 500,000 bpd to 1 million bpd, the lowest the country has seen in five months. The drop in production is mainly due to an unidentified group reportedly closing a valve and shutting down the North African country’s largest field, the Sharara, on July 20.
NOC, the state-run oil and gas firm, declared a force majeure on Sharara production. The declaration effectively removed 290,000 bpd from Libya’s totals and removed roughly $19 million per day from government coffers.
Commenting on the situation, NOC Chairman Mustafa Sanalla said in a statement, “Deliberate attempts to sabotage pipelines and production hurt both national oil revenues and critical power supply for everyday Libyans.”
Sharara is operated by a JV between NOC, Total SA, Repsol SA, OMV AG and Equinor ASA. Production at the nearby El Feel oilfield is unaffected, the NOC said.
The force majeure was lifted on July 22 after it stopped loading crude oil for the weekend from the Zawiya terminal.
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