Libya’s National Oil Corporation officially ceased operations at its El Feel oilfield in the south-west of the country on Monday, increasing its supply disruption amid a political crisis.
The company declared force majeure at the field on Monday, citing “current circumstances” that prevented NOC from carrying out crude oil loading operations.
Force majeure refers to an unforeseen set of circumstances preventing a party from fulfilling a contract.
Political tensions have been escalating between Libya's eastern and western governments.
Last Monday, Libya’s eastern government, supported by military commander Field Marshal Khalifa Haftar, announced the shutdown of all oilfields, suspending production and exports.
That followed a decision by the UN-recognised government in Tripoli, led by Prime Minister Abdul Hamid Dbeibah, to remove central bank governor Sadiq Al Kabir, whose role was to distribute the country's oil revenue between the two governments.
“National Oil Corporation considers these circumstances out of its control and cannot be prevented, which calls NOC to declare force majeure at El Feel crude oilfield from September 2,” it said in a statement.
The El Feel oilfield, which produces about 70,000 barrels per day, is operated by Mellitah Oil and Gas, a joint venture between NOC and Italy's Eni. It was shut down last week.
The force majeure will not be applicable to loading other hydrocarbons operations, NOC said.
The company had said last Thursday that its output was down to 591,000 barrels per day.
The country's production was 1.17 million barrels per day in July, before the latest disruptions.
“Libya faces significant downside risks due to political instability and infrastructure damage, which could further diminish its output,” Rystad Energy’s senior analyst Svetlana Tretyakova said in a note last week.
Libya has some of the cheapest, largely sweet oil in northern Africa. But much of it remained offline following a bloody civil war that erupted between rival factions after the downfall of Muammar Qaddafi in 2011.
However, since 2020, oil production has been relatively stable in the Opec producer at between 1 and 1.1 million barrels per day, except for a short period in May-June 2022.
NOC aims to bolster oil production to 2.1 million bpd by 2025, from about 1.2 million bpd currently.
While oil prices initially rose following the news, they still ended the week lower with Brent, the benchmark for two thirds of the world's oil, dropping by 1.4 per cent on Friday.
That came as traders weighed the impact of reports that Opec+ would proceed with planned output increases for the fourth quarter, restoring 180,000 barrels to the market.
Brent was trading 0.55 per cent higher at $77.35 a barrel at 8.50pm UAE time on Monday.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Brief scores:
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River Plate 4
Zuculini 24', Martinez 73', 90 2', Borre 89' (pen)
