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Friday, September 13, 2013
Consultants are warning of a total shut-in of Libya’s oil and gas production if the government collapses. The warning came from PFC Energy, a consultancy group out of Washington DC. PFC issued a note to clients on September 10 stating that the North African country’s crude output had plummeted from 1.4 million bpd in early July to as little as 150-250,000 bpd in recent weeks as a result of the protests and shut-ins carried out by quasi-government forces, militias, civilian protesters, and striking oil and gas workers. PFC contends that the Libyan government’s ability to act is limited and suggested that individual agreements with each of the group would be needed in the short term, “meaning that the process of restoring output will be slow, incremental, and highly susceptible to reversals.”
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