Libya’s NOC resumes pumping at El Sharara oilfield.

Catogory : Market Report

Libya’s National Oil Corporation (NOC) announced today that production has resumed at the Reposol operated Sharara oilfield. It said that the stoppage for over 24 hours had led to the loss of about 500,000 barrels and US$ 30 million of potential revenue.

Pumping at Libya’s El Sharara resumed normaly on Monday, an oil engineer and Libyan oil source said, a day after output had been halted after a landowner closed a valve on a pipeline crossing his land.

No production data was immediately available, though the engineer said that output could recover to 300,000 barrels per day (bpd) as soon as Tuesday.

The field, located deep in Libya’s south, had been producing about 308,000 bpd until the shutdown and has capacity of about 340,000 bpd.

Libya’s National Oil Corporation (NOC) operates Sharara in partnership with Repsol, Total, OMV and Statoil.

The valve that had been closed near the west Libyan town of Zintan was reopened before any formal declaration of force majeure on loadings of Sharara crude, one oil source said.

The NOC underlined its determination to pursue those who break the law and said it will not give in to pressure. It will continue to guard the nation’s assets, source added.