Economy

‘Output at Libya's Sharara oilfield rises to around 150 000 bpd’

Date: Oct 20, 2020

Production at Libya’s Sharara oilfield has risen to around 150 000 barrels per day (bpd), around half its capacity, two industry sources with knowledge of the matter told Reuters on Monday.

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) have heighted rising Libyan production, as well as a weaker demand outlook because of a second wave of coronavirus infections, as major risks to any oil market recovery.

Libya’s National Oil Corporation (NOC) lifted force majeure on the field on October 11, following a ceasefire with eastern forces that partially lifted a blockade that had crippled oil production.

The field, with a capacity of around 300 000 bpd, started operations at a rate of around 40 000 bpd, which gradually rose to around 100 000 bpd at the end of last week, the sources said.

The field witnessed a brief restart in June, before unrest led to its closure again.

For OPEC member Libya, the Sharara field is important because it supplies the 120 000 bpd Zawiya oil refinery, as well as providing export revenue.

A shipping report showed the NOC plans to export three Sharara cargoes of 600 000 barrels each this month.

The first cargo is expected to load on the Aegean Nobility on October 25-26 for trader SOCAR, the report said.

The NOC runs Sharara in a joint venture with Spain’s Repsol, France’s Total, Austria’s OMV and Norway’s Equinor.

--Reuters--

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