• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Saturday, July 19, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home OIL & ENERGY

Libyan Oil Output Triples After Blockade Deal, With More Growth To Come

Nwanne Ikemefune by Nwanne Ikemefune
January 31, 2021
in OIL & ENERGY
0 0
0
Libyan Oil Output Triples After  Blockade Deal, With More Growth To Come
0
SHARES
90
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

DUBAI (Bloomberg) –Libya’s oil industry, all but shut down since January because of civil war, is reopening — in parts.

Oil output has almost tripled to 250,000 barrels a day since the partial lifting last week of a blockade on the OPEC member’s energy facilities.

The state National Oil Corp. allowed exports to resume at the ports of Hariga, Brega and Zueitina. Four other oil ports are still closed, including Es Sider and Ras Lanuf — the country’s largest and third-largest — and Zawiya, which ships crude from Libya’s biggest field, Sharara. The NOC said it’s evaluating security at export terminals that are still shut.

Production in Libya, home to Africa’s largest crude reserves, plummeted to less than 100,000 barrels a day in January from 1.2 million after Khalifa Haftar, a Russian-backed commander who controls the nation’s eastern region, blockaded energy infrastructure.

Goldman Sachs Group Inc. forecasts that output will rebound to 550,000 barrels a day by the end of the year. Analysts at Bloomberg Intelligence see production hitting 1 million barrels a day in the fourth quarter — putting more pressure on oil prices already hammered by the coronavirus pandemic — if a truce holds between Haftar and the United Nations-recognized government of Prime Minister Fayez al-Sarraj.

Libya has a way of confounding optimists, and previous agreements to reopen its oil industry have failed. That said, any additional supplies would enter the crude market at an awkward time: A recovery from the historic slump triggered by the virus pandemic is faltering, and the Organization of Petroleum Exporting Countries and allies such as Russia are easing their self-imposed limits on output.

Libya is exempt from these OPEC+ limits, due to its strife. However, the amount of any extra oil the country can export will depend on how quickly it can fix wellheads, pipelines and storage tanks that have been neglected or damaged during the conflict.

Here’s the latest:

  • Fields that supply the reopened ports of Hariga, Brega and Zueitina are pumping an additional 150,000 barrels a day, according to two people with knowledge of the situation. Production will continue to rise as tankers arrive and load crude from storage, making room for fresh oil from the fields, they said
  • Arabian Gulf Oil Co., which operates Hariga, said it restarted its Messla and Hamada fields but not its biggest deposit, Sarir
  • Sirte Oil Co., which runs Brega, has resumed operations; Brega has 490,000 barrels in storage and a capacity of 1.3 million
  • A tanker is expected at Zueitina on Oct. 3 to load 1 million barrels; that would allow fields feeding the terminal to boost production; the port can store more than 4.5 million barrels
  • The tanker Marlin Shikoku loaded 1 million barrels from Hariga last week; the ship is chartered by Unipec, the trading arm of China’s largest state-owned refiner, Sinopec
  • Delta Hellas, another Greek-flagged tanker, also loaded 1 million barrels at Hariga for Unipec
  • At Es Sider, the Minerva Eleonora was to have loaded 630,000 barrels earlier this month before the order was canceled; the ship is still anchored at the port, which remains under force majeure
  • The Sharara field is yet to restart, according to a person with knowledge of the situation. The western deposit, which can pump 300,000 barrels a day, is run by the NOC in a joint venture with France’s Total SE, Spain’s Repsol SA, Austria’s OMV AG and Norway’s Equinor ASA
  • The nearby El Feel field, in which Eni of Italy has a stake, is also shut down

Source: World Oil
Previous Post

Oil Prices Down For The Week On New Coronavirus Concerns

Next Post

UK: Appeal Against BI Ruling Expected By Industry Leader

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit
OIL & ENERGY

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Shell Commends Oloibiri Lecture Series As Platform  For Change
OIL & ENERGY

Shell Commends Oloibiri Lecture Series As Platform  For Change

April 15, 2025
Tinubu Sacks Kyari And Board Appoints New Chairman, CEO  
OIL & ENERGY

Tinubu Sacks Kyari And Board Appoints New Chairman, CEO  

April 2, 2025
Next Post
The gavel of Justice

UK: Appeal Against BI Ruling Expected By Industry Leader

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 16, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
ADVERTISEMENT

Recent News

NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 16, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In