82504
Libya Oilfield Halt Raises Crude Prices
Libya Oilfield Halt Raises Crude Prices

Libya Oilfield Halt Raises Crude Prices

Libya Oilfield Halt Raises Crude Prices

Libya’s oil exports from the Mellitah terminal will be modified after protests disrupted production at the key El-Feel deposit for the first time in two months, putting the OPEC nation’s crude production at risk of a decline again.
Crude loadings at Mellitah, the export terminal for El-Feel, will be modified after force majeure was declared on deliveries from the deposit on Feb. 23, the state-run National Oil Corporation said, Bloomberg reported.
NOC said on Saturday guards at the field were protesting over pay and other benefits. Force majeure is a legal clause protecting a party from liability if it cannot fulfill a contract for reasons beyond its control.
Production at El-Feel, operated by a joint venture of NOC and Italy’s Eni SpA, was last disrupted for one day in December due to a power outage.
The field has a production capacity of 90,000 barrels a day but it’s not clear what output was before the outage. NOC officials were not immediately available to comment.
Libya, a member of OPEC, was allowed to increase oil production while other nations in the group cut output to curb a global glut. The North African nation’s output earlier this month was 1.1 million barrels a day, the highest since June 2013, a person familiar said on Feb. 15.

 

Short URL : https://goo.gl/Gk7rWs
  1. https://goo.gl/E69xpH
  • https://goo.gl/sLoc2V
  • https://goo.gl/EAga1x
  • https://goo.gl/CCMCZa
  • https://goo.gl/29uqXL

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus