Three Libyan oil fields receive instructions to resume production, engineers say

LIBYA-OIL/ (UPDATE 1):UPDATE 1-Three Libyan oil fields receive instructions to resume production, engineers say

Reuters
Updated1 Sep 2024, 02:42 AM IST
Mint Default Caption
Mint Default Caption

(Adds details, background throughout)

Aug 31 (Reuters) - Libya's Sarir, Messla and Nafoura oilfields have received instructions to resume production, engineers at the three fields told Reuters on Saturday, after a standoff between rival political factions shut most of the country's oilfields.

The resumption order was made by the fields' operator, the Arabian Gulf Oil Company, which did not provide any reasons, according to the engineers.

A struggle to control the Central Bank of Libya (CBL) has sparked a blockade of oil production and threatens the worst crisis in years for the major energy exporter, long torn between rival eastern and western factions.

The standoff was triggered when western factions moved this month to oust veteran governor Sadiq al-Kabir and replace him with a rival board, leading eastern factions to shut down all oil production.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the CBL governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Earlier on Saturday, the Libyan oil export port of Hariga stopped operating due to insufficient crude supplies following the near-total shutdown of the Sarir oilfield, the port's main supplier, engineers at the terminal said.

The Sarir field normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

On Friday, Libya's National Oil Corporation said recent oilfield closures have caused the loss of approximately 63% of the country's total oil production. (Reporting by Ayman Al-Warfali; Writing by Hatem Maher; Editing by Angus MacSwan and Daniel Wallis)

Catch all the Business News , Economy news , Breaking News Events andLatest News Updates on Live Mint. Download TheMint News App to get Daily Market Updates.

MoreLess
First Published:1 Sep 2024, 02:42 AM IST
Business NewsEconomyThree Libyan oil fields receive instructions to resume production, engineers say

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Vedanta share price

    482.70
    11:00 AM | 17 OCT 2024
    -4.1 (-0.84%)

    Tata Steel share price

    154.50
    11:00 AM | 17 OCT 2024
    -0.75 (-0.48%)

    Reliance Industries share price

    2,725.20
    11:00 AM | 17 OCT 2024
    17.2 (0.64%)

    Zee Entertainment Enterprises share price

    128.15
    10:59 AM | 17 OCT 2024
    -0.75 (-0.58%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Coforge share price

    7,120.75
    10:51 AM | 7 OCT 2024
    -2.4 (-0.03%)

    Vijaya Diagnostic Centre share price

    984.80
    10:51 AM | 7 OCT 2024
    -4.15 (-0.42%)

    Dr. Lal Pathlabs share price

    3,408.00
    10:50 AM | 7 OCT 2024
    -86.25 (-2.47%)
    More from 52 Week High

    Bombay Burmah Trading Corporation share price

    2,519.95
    10:51 AM | 7 OCT 2024
    -245.3 (-8.87%)

    Jubilant Ingrevia share price

    728.55
    10:51 AM | 7 OCT 2024
    -65.7 (-8.27%)

    Triveni Engineering & Indus share price

    426.65
    10:51 AM | 7 OCT 2024
    -35.75 (-7.73%)

    Vodafone Idea share price

    9.08
    10:51 AM | 7 OCT 2024
    -0.72 (-7.35%)
    More from Top Losers

    Astrazeneca Pharma India share price

    7,832.35
    10:51 AM | 7 OCT 2024
    399.85 (5.38%)

    Finolex Industries share price

    280.85
    10:51 AM | 7 OCT 2024
    9.2 (3.39%)

    Macrotech Developers share price

    1,206.20
    10:51 AM | 7 OCT 2024
    34.35 (2.93%)

    JK Lakshmi Cement share price

    797.60
    10:51 AM | 7 OCT 2024
    17.2 (2.2%)
    More from Top Gainers

      Recommended For You

        More Recommendations

        Gold Prices

        • 24K
        • 22K
        Bangalore
        77,915.00510.00
        Chennai
        77,921.00510.00
        Delhi
        78,073.00510.00
        Kolkata
        77,925.00510.00

        Fuel Price

        • Petrol
        • Diesel
        Bangalore
        102.86/L0.00
        Chennai
        100.85/L0.10
        Kolkata
        104.95/L0.00
        New Delhi
        94.72/L0.00

        Popular in Economy

          HomeMarketsPremiumInstant LoanMint Shorts