Libyas Biggest Oil Field Sharara Is Said To Resume Production
Cairo: Libya’s Sharara oilfield, the country’s biggest, began pumping after the reopening of a pipeline to the Zawiya refinery.
Sharara was producing again after a one-day halt, according to a person with knowledge of the matter who isn’t authorised to speak to news media and asked not to be identified. The North African nation’s largest field had stopped pumping on Sunday. The person gave no explanation for the closing of the pipeline that triggered the halt in output at the field.
Libya was producing 1.1 million barrels a day as of March 1, with Sharara contributing 300,000 of that. The field is run by a joint venture between the National Oil Corp. and Repsol SA, Total SA, OMV AG and Statoil ASA. Sharara stopped pumping several days after output plunged at another of the Opec member’s biggest deposits, El-Feel.
Libya, a member of the Organisation of Petroleum Exporting Countries, has struggled to boost oil production amid the lingering effects of civil strife that erupted earlier in the decade. Output has risen from 370,000 barrels a day two years ago, though it remains well below the 1.8 million barrels a day Libya pumped before the ouster and killing of former leader Muammar Gaddafi. Major oilfields including Sharara and El-Feel have experienced sporadic disruptions before, occasionally setting back the revival.
UAE Secures Over $30bn In Crypto Investments In Just One Year: Report
With a proactive regulatory framework, the UAE presents investors with a balance between innovation and security Read more
DIFC Partners With Lloyds To Boost Future Talent In Insurance Sector
The agreement, which envisages a longstanding partnership, will help support development of a talent pipeline into the ... Read more
Paymob Secures UAE Central Bank License For Retail Payment Services
The regulatory nod also enables the company to provide merchants with its full suite of omni-channel solutions Read more
Open Banking Fuels GCC Fintech Boom As UAE, Saudi Lead Regional Growth Surge
The open banking payments volume in the GCC is projected to quadruple to over $930 billion by 2028 from $230 billion in... Read more
Saudi Arabia Leads Region With 178 Venture Capital Deals Last Year
Saudi venture capital funding is supporting business startups in the Kingdom Read more
UAE Gold Reserves Reach $6.7bn
CBUAE gold reserves surged by 34.8 per cent in the first 10 months of 2024 Read more