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Libya’s Biggest Oil Field to Reopen as Refinery Back On

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NORTH DAKOTA OIL
  • Libya’s Biggest Oil Field to Reopen as Refinery Back On

Libya’s biggest oil field, Sharara, reopened as crude began to move through a pipeline connected to the Zawiya refinery, according to a person with direct knowledge of the matter.

Oil began to be distributed through the pipeline on Wednesday, and is expected to reach Zawiya Thursday night, the person said, asking not to be identified because the information hasn’t been announced. Libya’s overall production is 491,000 barrels a day, National Oil Corp. Chairman Mustafa Sanalla said Thursday at a conference in Paris. Daily output averaged 420,000 to 460,000 barrels over the past few days, another person with direct knowledge of production said.

The pipeline carrying Sharara crude to the Zawiya refinery had been blocked in early April, halting production, two people familiar with the operations said at the time. It was not clear who blocked the pipeline or why the pipeline was allowed to resume shipments.

Sharara is operated by a joint venture between the NOC and Repsol SA, Total SA, OMV AG and Statoil ASA. The field’s total capacity is 330,000 barrels a day, and output was 200,000 barrels a day, the National Oil Corp. said on April 4.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.