Libya s NOC Declares Force Majeure On Port Of Hariga marinelink.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marinelink.com Daily Mail and Mail on Sunday newspapers.
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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.
By Reuters Staff
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TRIPOLI, April 19 (Reuters) - Libya’s National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country’s central bank.
Daily lost income “may exceed 118 million dinars ($26 million)”, NOC said in its statement.
The port was expected to load about 180,000 barrels per day (bpd) in April, on board six tankers, according to a loading schedule.
Libyan oil output hit 1.28 million bpd in March, the country told the Organization of the Petroleum Exporting Countries, an eight-year high.
Oil futures end higher; Libya reportedly halts output at some major oil fields msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.