Libya Resumes Oil Output At Largest Field After 'sabotage'
Faizan Hashmi Published July 22, 2019 | 07:25 PM
Libya announced the resumption of production Monday at its largest oil field and the loading of crude at a shipping terminal, following a three-day suspension due to "sabotage" of a pipeline
Al-Sharara, about 900 kilometres (560 miles) south of Tripoli, produces 315,000 barrels per day -- nearly one third of Libya's crude output -- but is frequently attacked and blocked by militias.
"National Oil Corporation (NOC) announces the lifting of force majeure on Sharara crude oil loading from Zawiya port, following the opening of a closed valve on the pipeline connecting the Sharara oilfield to the Zawiya terminal," which is government-controlled, the company said on its website.
Force majeure is a legal measure that frees a company from contractual obligations due to circumstances beyond its control.
NOC chairman Mustafa Sanalla condemned the pipeline closure as "criminal activity" and said the firm and authorities would "find and prosecute" those responsible.
Oil exports are the source of almost all state revenue in Libya, which has the biggest proven reserves of crude in Africa.
But after the fall and killing of longtime dictator Moamer Kadhafi in a NATO-backed 2011 uprising, the country fell into chaos as multiple armed groups vied for control.
The NOC had previously declared "force majeure" at the Al-Sharara site in December after it was seized by an armed group, but it reopened after forces of military strongman Khalifa Haftar took control in February.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From Business
-
Pakistan retains position in FTSE secondary emerging market
2 hours ago -
Pakistan retains position in FTSE secondary emerging market
2 hours ago -
China's competitive car market at heart of global EV revolution
2 hours ago -
China's Xiaomi enters car market with new electric vehicle
2 hours ago -
Pak-Türkiye strategize to boost bilateral trade to $5 billion
4 hours ago -
Chief Representative of CFFEX in Pakistan and PSX Director meet Finance Minister
4 hours ago
-
Banks to open on March 30, 31 to facilitate tax collection
5 hours ago -
Stock markets rise before Easter break
5 hours ago -
NCA approves revised first quarter GDP estimates for 2023-24
5 hours ago -
26% increase on tobacco tax can reduce PKR 300bn in health cost
6 hours ago -
Minister expresses anguish over alleged use of poor-quality material
7 hours ago -
Commerce Minister initiates push for E-commerce growth with in-house briefing
7 hours ago