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Libya's Sharara oil field resumes production as protests end

16 July 2023 11:06

Libya’s Sharara oil field has begun to gradually resume production after protesters that shut the facility earlier this week left.

“Output is likely to be fully restored over the next 24 hours. The protesters ended their demonstration after officials released a man who’s vying to become the nation’s next central bank governor,” Bloomberg quotes an informed person as saying.

The nearby — but smaller — El Feel field, which was shut at the same time, has also received permission to resume but is facing some issues with the electricity supply, another person familiar with the matter said.

Sharara is one of Libya’s biggest deposits. Before the disruption, it was producing about 250,000 to 260,000 barrels a day, while El Feel handles about 60,000 to 70,000 barrels a day. The separate Waha project can pump about 280,000 to 290,000 barrels a day.

The restoration of output will bring some relief for oil markets concerned about tighter supply and demand balances. Still, the protests are a reminder of the risks for Libya’s erratic production, as armed groups have regularly shut down fields over the years.

The Sharara deposit in the southwest of the country began halting late July 13 and was fully stopped overnight. The field was halted by protesters, who are unhappy at the arrest of an official who was trying to become the boss of Libya’s central bank.

Caliber.Az
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