Libya’s El Feel oilfield, operated by a joint venture between Italy’s Eni and Libya’s National Oil Corporation (NOC), is ready to resume production after two years of no operartions, Bloomberg reported.
As informed on Oil Price, the field, also known as Elephant, could add up to 90,000b/d to Libya’s oil output. The field’s pumping is set to restart as soon as the member of the Organization of Petroleum Exporting Countries (OPEC) fixes an electricity outage.
El Feel is an oilfield dependent on oil from Libya’s largest field, Sharara, to generate its power. Sharara has not been operating because of a valve closure. Accordingly, El Feel and Sharara crude remains under force majeure, which is a legal status protecting a party from liability if it cannot fulfill a contract for reasons beyond its control.
A revival in Libya’s production will put pressure on OPEC and other major producers that agreed in 2016 to cut output to stem a glut and shore up prices. The North African nation, exempted from OPEC’s cuts because of its internal strife, was producing 490,000b/d as of April 11, less than a third of the 1.6m it pumped before a 2011 uprising.