Libyan Sharara, Wafa Fields Shutdown Again

Libyan Sharara, Wafa Fields Shutdown Again

Libya’s Sharara and Wafa fields have stopped producing for the second time just one week after a previous shutdown, Reuters reported.

According to Libya Herald, The fields were shut down due to an attack from an unidentified armed group that blocked the pipelines on the 9th of April 2017.

Sharara’s production bounced back to 213,000 b/d, earlier this week, when the OPEC nation’s biggest oil field continued production after a week of disruption. The National Oil Corporation (NOC) was aiming to increase production from Sharara field to 270,000 b/d by the end of April 2017, before the blockade.

NOC stated that the blockade of the Wafa field will cause Libya to lose $10m per day of export revenues. Oil output from Wafa had decreased by 4,000 b/d after gas supplies at the field were stopped. Yet, production is expected to rise to 10,400 b/d once oil storage reservoirs are filled. However, if the blockade continued, Libya could suffer heavier production risks and financial penalties.


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