Libya restarts second oil field - Blog View - Seha2all

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#Libya restarts second oil field

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2020

Libya restarts second oil field

Posted by aseelhlu July 7, 2020 - Filed in Energy - #Libya restarts second oil field - 588 views

Libya took another step toward reviving its moribund oil industry by restarting production at a second important field after a five-month halt.

Pumping began on Sunday at the El-Feel deposit, which had suspended operations due to the North African country’s civil war. El-Feel is resuming just a day after oil started flowing again from Libya’s largest deposit, Sharara.

Any fresh barrels from these fields could complicate efforts by the OPEC+ producer alliance to limit global supply and push crude prices higher. The group agreed on Saturday to extend historic production cuts of 9.6 million barrels a day until July. Libya, with Africa’s largest oil reserves, is exempted from the cuts due to the country’s strife.

The two southwestern fields previously pumped a combined 400,000 barrels a day, though they could take months to return to that level of output, if they reach it at all.

Operations are gradually resuming at El-Feel, which is operated by a joint venture between Italy’s SpA and the state-run National Oil Corp., according to a person with knowledge of the situation who asked not to be identified. The NOC wasn’t immediately available for comment.