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Libyan crude output at risk as Agoco threatens to halt operations amid lack of funds

Libyan crude output at risk as Agoco threatens to halt operations amid lack of funds
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Libya's NOC declares force majeure on Marsa el-Hariga exports amid budget crisis

Libya's NOC declares force majeure on Marsa el-Hariga exports amid budget crisis
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Libya's Agoco halts crude production in budget standoff with government

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now A spokesman for state-owned National Oil Corp. subsidiary Arabian Gulf Oil Co. said April 19 that it had halted pumping at its fields due to the government s failure to send federal funds since September for operations. Agoco, as the subsidiary is known, operates eight oil fields with a total capacity of 250,000 b/d, which feed into key Libyan crude grade Sarir/Mesla, which is exported from the 230,000 b/d Marsa el-Hariga terminal. A source familiar with the matter said it was doubtful the company would completely shut in production at its fields, with some amount of crude and associated gas needed to maintain power generation.

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