The fourth wave of closures affects Brega crude and the National Oil Corporation declares a state of force majeure on the oil port of Brega
Libya’s state National Oil Corporation (NOC) declared a state of force majeure on the oil port of Brega yesterday as it said it was impossible to implement its commitments towards the oil market.
This follows its declaration of force majeure at El-Feel, Zueitina and Sharara oilfields in the previous three days.
The NOC lamented that at a time when international crude oil prices are recovering significantly due to increased global demand, which is being exploited by all producing countries to increase their oil revenues, the Libyan crude is being subjected to a wave of illegal closures.
It said this will have serious damage to wells, reservoirs and surface equipment for the oil sector, as well as the loss of state treasury opportunities at prices that may not be repeated for decades to come.
The NOC warned that the shutdown of production at Sirte oil and gas production and manufacturing company, will have implications for the stability of the public electricity network, especially the eastern region, as most power plants feed on gas produced from the company’s fields.
