Libya’s Top Oil Field Output Said to Fall on Security Threats

oil
  • Libya’s Top Oil Field Output Said to Fall on Security Threats

Crude production at Libya’s biggest oil field has plunged more than 30 percent in recent days after two company vehicles were stolen at gunpoint, raising new security concerns at the OPEC country’s operations, a person familiar with the matter said.

Output at Sharara was down to 200,000 barrels a day on Sunday, compared with 300,000 barrels a day about a week ago, as workers were kept from certain areas for their own safety, the person said, asking not to be identified because the information is confidential. An official for Libya’s state-run National Oil Corp., which operates the field in a joint venture, wasn’t available for immediate comment.

Sharara has experienced several brief shutdowns caused by different groups. It was closed for two days in June due to a protest by workers there. Pumping was interrupted for “hours” last week after armed protesters shut some facilities, the NOC said at the time.

Libya’s crude output and exports reached a three-year high last month as fighting among armed militias abated and leaders of the country’s rival administrations agreed in principle on steps to unite the nation. The country with Africa’s largest crude reserves is exempt from the Organization of Petroleum Exporting Countries supply restrictions.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

Be the first to comment on "Libya’s Top Oil Field Output Said to Fall on Security Threats"

Leave a comment

Your email address will not be published.


*