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Thursday, March 5, 2015
State oil firm National Oil Corp. (NOC) of Libya declared force majeure on 11 of its oilfields according to a statement on the Arabic version of its website. The force majeure and the shut in of the fields were unsurprisingly attributed to the chaotic security situation. Some of the assets included in the force majeure are located in Mabrouk and Bahi.
Libya’s oil sector has taken hit after hit over the past few weeks from both the battle for supremacy in the country between the recognized government forces and Libya Dawn militants, as well as Islamist militants.
While attacks on oil installations have been the norm since the civil war to topple long-time leader Muammar Qaddafi, Libya has on more than one occasion raised its production rates and at one time was producing at a rate of around 900,000 bpd. But the attacks, which have grown more frequent in recent months, have led to production tumbling back down to a mere trickle compared to the pre-civil war rates of upwards of 1.5 million bpd.
United Nations talks were set to begin in Morocco, however with the recent uptick in violence it is unlikely that any progress toward a resolution between the two governments will take place; that is if the talks even occur.
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