Libya’s al-Bayda Oilfield Resumes Operations: Engineer
Libya’s al-Bayda oilfield has resumed operations following five months of inactivity due to heavy fighting.
Libya’s al-Bayda oilfield has resumed operations following five months of inactivity due to heavy fighting.
Libya’s oil and gas revenues have fallen to roughly $1.57 billion in August, a $445 million drop off from the previous month, the Libyan National Oil Company (NOC) announced on October 26.
Libya has declared a force majeure on significant ammounts of its supply, pushing oil prices to highs not seen since 2014.
Libya’s National Oil Company stated that clashes at oil facilities on the country’s northeast coast have caused “catastrophic losses” after two storage tanks were destroyed.
Armed clashes have halted oil loadings at Libya’s Es Sider and Ras Lanuf oil ports, and at least one storage tank at Ras Lanuf was set alight.