Sharara Oilfield Faces Disruption as Libya's NOC Declares Force Majeure
Sharara Oilfield Faces Disruption as Libya's NOC Declares Force MajeureOn a consequential Sunday, Libya's National Oil Corporation (NOC) made the critical decision to declare force majeure at the Sharara oilfield, a major production hub with a capacity of up to 300,000 barrels per day. This latest disruption is emblematic of a longstanding trend, with the Sharara field often becoming a focal point for local and broader political protests. Negotiations are currently underway with the aim of swiftly resuming production at the Sharara oilfield. However, the NOC did not provide a specific timeline for the resolution of the issues leading to the force majeure declaration. This recent force majeure declaration at the Sharara oilfield echoes a similar event in July when tribal protesters halted production at not only Sharara but also Elfeel and 108 fields.
Source:Libya Today
January 08, 2024 09:29 UTC
The Commodities Feed: Libyan force majeure
The oil market managed to settle higher last week with Brent up 2.23% over the first trading week of 2024. Middle East tensions and Libyan supply disruptions provided a boost to oil prices. The more comfortable market is also reflected in the Saudis latest official selling prices (OSPs) for February loadings. The shutting of the oil field saw total Libyan oil output fall from around 1.2m b/d to 981k b/d on Friday. US output has surprised to the upside in recent months, which has contributed to the broader weakness seen in the oil market.
Source:Libya Today
January 08, 2024 09:25 UTC
National Comprehensive Health Care Program and Health Number System launched
Libya’s National Comprehensive Health Care Program and Health Number System was launched today at a ceremony in Tripoli by the National Center for Health System Reform (NCHSR) under the supervision of the Ministry of Health. Saad Eddin Abdel Wakil, Undersecretary of the Ministry of Health for Hospital Affairs, and Diwan Samir Koko, Undersecretary of the Ministry of Health for Technical Affairs, attended the ceremony. Director General of NCHSR, Adel Al-Deeb, gave a presentation on the comprehensive health care project, which started with the first implemented model of digital transformation within the Abu Slim Municipality. Health number systemDuring the presentation, Director General Al-Deeb explained the work of the Health Number System, which he said provides a comprehensive approach to health care by providing all means of comfort to the patient while providing the highest quality services by implementing frequency and referrals. Comprehensive health care systemAl-Deeb explained that the comprehensive health care project in health centers includes diagnosing the condition, providing treatment through a specialized family physician, tracking cases of chronic, psychiatric and other illnesses, referring those cases to Focuses on those who need medical care and those who don’t.
Source:Libya Herald
January 08, 2024 07:58 UTC
Sharjah Airport receives first ‘Fly Oya’ flight from Libya
Sharjah Airport Authority (SAA) announced welcoming the first flight of ‘Fly Oya’ flights, from Tripoli, Libya, to Sharjah Airport during 2024. The airline will operate a single weekly flight from Mitiga Airport in Tripoli every Wednesday. The Libyan carrier has allocated Airbus A330 for its new flights to and from Sharjah Airport. In 2023, Sharjah Airport underwent significant growth, unveiling seven new destinations for passengers. Moreover, three air freight companies commenced weekly flights to Sharjah Airport, enhancing its cargo operations.
Source:Libya Today
January 08, 2024 07:35 UTC
Libya declares force majeure, closes 300,000 bpd oilfield
Libya on Sunday declared force majeure on the Sharara oilfield, according to the National Oil Corporation (NOC). The field, which had daily production of 300,000 barrels, has been closed due to ongoing protests, Libya’s NOC said in a statement. This closure has resulted in the suspension of crude oil supplies from the Sharara field to the Zawiya terminal. Negotiations are currently in progress to expedite the resumption of production, NOC.
Source:Libya Today
January 08, 2024 04:02 UTC
Libya halts oil production at largest field amid protests
Libya's state-owned energy firm said on Sunday it had declared a state of "force majeure" at Al-Sharara oilfield after production at the major facility was suspended due to protests. Declaring "force majeure" allows parties to free themselves from contractual obligations when factors such as fighting or natural disasters make meeting them impossible. "The closure has resulted in the suspension of crude oil supplies from the field to Zawiya terminal," the oil company said. RELATED Oil protests in Libya as Italy signs energy deal MENAThe interruptions in crude production have been caused by social and political protests amid clashes between rival factions. The blockages have resulted in hundreds of billions of dollars in lost revenue, according to the Central Bank of Libya.
Source:Libya Today
January 07, 2024 23:16 UTC
Libya's National Oil Corporation declares force majeure at the Sharara oil field
Libya's National Oil Corporation has declared a force majeure on the Sharara oil field effective Sunday, January 7th, 2024, due to it's closure by protesters. The closure has resulted in the suspension of crude oil supplies from the field to Zawiya terminal. Negotiations are ongoing to resume production as soon as possible. Original announcement linkSource: Libya NOC
Source:Libya Today
January 07, 2024 21:57 UTC
CBL latest data reveals US$ 9.9 billion deficit in foreign currency public spending in 2023
In its latest data for the whole of 2023 on revenues and spending released today, the Central Bank of Libya (CBL) revealed a continued increase in public spending – without a matching in earnings. Foreign exchange deficitWith a deficit of US$ 9.9 billion, the CBL confirmed in its latest monthly statement that the state’s revenues from foreign exchange in 2023 reached $25.4 billion, while its uses reached $35.3 billion. LD revenues cover spendingThe CBL announced that state revenues will reach 125.9 billion dinars, and spending will reach 125.7 billion dinars, during 2023. NOC spendingIt revealed that the National Oil Corporation’s (NOC) spending reached 17.5 billion dinars in 2023 from the Exceptional budget granted to it. The report indicated that the salaries item recorded a significant increase from 2022, in which the salaries amounted to 47.1 billion dinars, and from the 33.1 billion dinars for 2021.
Source:Libya Today
January 07, 2024 21:22 UTC
Libya's 2023 oil revenues reach 23.3 bln USD
TRIPOLI, Jan. 7 (Xinhua) -- The Central Bank of Libya said Sunday that the country's oil revenues in 2023 were 111.4 billion Libyan dinars (about 23.3 billion U.S. dollars). The central bank said of the total oil revenues, 99.1 billion dinars were oil sales and 12.3 billion dinars were oil royalties revenues. The country's total public revenues in 2023 were 125.9 billion dinars, while expenditures were 125.7 billion dinars, it added. In 2022, the country's revenues were 134.4 billion dinars, while expenditures were 127.9 billion dinars. Despite representing a major source of national revenues, Libya's oil and gas sector has suffered over the past years from armed conflict as well as oil field and port closures.
Source:Libya Today
January 07, 2024 20:48 UTC
Benghazi opens five newly constructed bridges
During lavish celebrations, the city of Benghazi opened its five newly constructed bridges yesterday. Regarding the locations of the bridges, Al-Araibi said that there is:1-A bridge at the intersection of the Fourth Ring Road with Al-Hawari Road (“the Directorate Bridge”). 2-A bridge at the intersection of the Fourth Ring Road with Al Orouba Road (“University Bridge”). 4-A bridge at the intersection of the Fifth Ring Road with the Airport Road (“Al-Masaken Bridge”). 5-A bridge at the intersection of the Fourth Ring Road with the Airport Road (“Al-Laithi Bridge”).
Source:Libya Herald
January 07, 2024 20:25 UTC
Oil revenue in Libya reaches $20.69 billion in 2023
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Source:Libya Today
January 07, 2024 16:34 UTC
Libya declares force majeure at Sharara oilfield amid protests
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Source:Libya Today
January 07, 2024 15:06 UTC
Libya's NOC declares force majeure on Sharara after protesters shut oil field
Libya's National Oil Corp. declared force majeure at the Sharara oil field, the country's largest, on Jan. 7 after protesters shut the field, forcing supplies to be halted from the field to the Zawiya export terminal. Register NowTalks are underway to restart production as soon as possible, the NOC said on X, formerly Twitter. The nearby 70,000 b/d El-Feel was also shut last week but the NOC statement did not include an update on that field. One source, who spoke on condition of anonymity, said Jan. 3 that Sharara -- operated by a joint venture between Libya's NOC, Equinor, OMV, Repsol and TotalEnergies – would be forced to stop pumping when its storage tanks filled. Libya's oil output still remains well below the 1.6 million b/d it was producing before a 2011 uprising in the country.
Source:Libya Today
January 07, 2024 13:39 UTC
Malta PM to address fossil-fuel heavy Libyan summit amid EU criticism over renewables, climate
The Libya Energy & Economic Summit takes place between 13-14 January and will be attended by Abela and Energy Minister Miriam Dalli, who will speak and participate in panels at the event. Abela is expected to discuss trade and commercial ties between the two countries and explore the feasibility of a proposed renewable energy interconnector project. None of the speakers or scheduled talks on the agenda seen by The Shift appear to deal with renewable energy, such as wind or solar power. Malta gets just 13.8% of its energy from renewable sources despite the Commission laying down a target of 42.5% by 2030. Under the terms of the Electrogas contract, the Maltese people are bound to buy from Electrogas despite the gas being supplied by a third party.
Source:Libya Today
January 07, 2024 13:38 UTC
Egypt's Cabinet reveals top African importing markets in Q1 of 2023
CAIRO – 7 January 2024: The Cabinet's Information and Decision Support Center (IDSC) issued a report Sunday revealing the top African markets that imported from Egypt in the first quarter of 2023. Those are Libya ($317 million), Sudan ($226 million), Algeria ($217 million), Morocco ($191 million), and Tunisia ($86 million). The total size of trade exchange between Egypt and other African countries recorded during that period $2.117 billion, divided into $1.611 billion in good exports, and $506 million in imports. Egypt’s exports declined 22 percent during the first nine months of 2023, recording $30.8 billion, compared to $39.4 billion during the same period of 2022, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS). CAPMAS added that the country’s imports decreased by 21 percent on a yearly basis, totaling $58.5 billion, compared to $74 billion for the same period in 2022.
Source:Libya Today
January 07, 2024 13:24 UTC