Production at the Libyan Sharara oilfield has been resumed at half of its operational capacity, Reuters reported, citing a site engineer.
The National Oil Corporation (NOC) recently declared a state of force majeure on crude oil loadings at Zawiya port on July 20, due to the suspension of work in the Sharara since July 19, due to an unlawful valve closure of the Sharara pipeline between Hamada and the port.
The closure resulted in halting 290,000 barrels per day (b/d) in production, valued at around $19 million a day.
Akakus Oil Operations, a subsidiary of NOC, informed the General Electric Company of Libya (GECOL) that crude oil supplies to the Obari power station will cease following this production disruption, according to an official statement by the Libyan oil company.
Recent data showed that Libya’s crude oil revenues declined to around $10.2 billion (LYD 14.3 billion) during H1 2019, decreasing by around 11.2% compared with the same period last year.