• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

      Finance

      Cautious equities trading see gains in Flour Mills, Mobil, Wapco push market cap to ₦21.09trn

      January 15, 2021

      Finance

      CBN issues guidelines for QR codes operation in Nigeria

      January 15, 2021

      Finance

      Global Equities: Positive sentiment buoys global markets’ performance on vaccine rollout, Biden confirmation

      January 13, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      WORLD BUSINESS & ECONOMY

      Only 20% of UK financial services professionals believe firms possess ethical commitment

      January 16, 2021

      Frontpage

      Moody’s sees negative 2021 outlook for sub-Saharan Africa, with severe economic challenges

      January 15, 2021

      Commodities

      Metals make sluggish gains on LME, SHFE, as investors anticipate US stimulus

      January 15, 2021

      WORLD BUSINESS & ECONOMY

      Smart home market profits to reach $176bn in 2025, rising by 127%  

      January 15, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      NNPC moves to rehabilitate downstream infrastructure, openscontract bids

      January 15, 2021

      Companies

      Ardova enters acquisition talks with Enyo as part of expansion drive  

      January 15, 2021

      Oil and Gas

      NNPC reaffirms commitment to OPEC+ agreement   

      January 15, 2021

      Imo

      FIRST E&P faces CSR headwinds in Bayelsacommunities, ahead OMLs 83, 85 production start

      January 15, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      CBN meeting and NSE in focus

      5 hrs

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      5 hrs

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      7 hrs

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

Frontpage

Largest Libyan oil field set to reopen Wednesday after deal

September 6, 20171.2K views0 comments

Libya’s biggest oil field is due to reopen Wednesday after a forced closure of more than two weeks, putting pressure on global crude producers seeking to rein in a supply glut and firm up prices.

Libyan authorities reached a final agreement with the group that had closed a valve on a pipeline from the southwestern Sharara field, according to a person familiar with the matter, who asked not to be identified because the information is private. State-run National Oil Corp. accused the group earlier of closing three fields since August 19. Two of the deposits — El-Feel, also known as Elephant, and Hamada — resumed production last week, other people familiar with the matter said at the time.

The North African nation’s crude output dropped 35 percent after the forced closing of the three fields, disrupting a revival of its production. However, the decline helped ease the burden on the Organization of Petroleum Exporting Countries and allied suppliers as they sought to strengthen their accord to cut output. Libya, like its fellow OPEC member Nigeria, is exempt from the global production cuts because of internal strife.

The NOC has blamed a militia organization it called the Rayayina Patrols Brigade for the disruptions, including the August 19 shutdown of the pipeline valve that curbed Sharara’s output by 283,000 barrels a day. Sharara, with a production capacity of 330,000 barrels a day, is run by a joint venture between the NOC and Repsol SA, Total SA, OMV AG and Statoil ASA.

Read Also:

  • Africa opens world’s largest single market (3)

Libya, which holds Africa’s largest crude reserves, was pumping 1.6 million barrels a day before a revolt in 2011 set off years of fighting among rival governments and militias. The nation’s output had reached a four-year high of 1.01 million barrels in July, according to data compiled by Bloomberg.

Share on Facebook Tweet Email
TagsLibyan oil field National Oil Corp Nigeria oil NOC Oil business OMV AG Repsol SA Total SA
PreviousEgypt’s non-oil business activity contraction slows in August- PMI
NextStar India injects $192 million into digital content arm

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Sachet Culture: Fueling consumer buying behaviour or pollution?
  • On stakeholders and impactful communication
  • CBN meeting and NSE in focus
  • The Fight for Women’s Rights Beyond #MeToo
  • Once again, fiscal stimulus takes centre stage

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Nigerian insurers’ new capital regime takes off October 1, says NAICOM

Frontpage August 29, 2018

1
2

South Africa’s financial stability threatened by MTN’s $10 billion Nigeria bill – CBN

Frontpage November 7, 2018

3

MAN warns massive unemployment looms in Nigeria as FG’s Covid-19 bailouts yet to quicken manufacturing sector

Frontpage July 30, 2020

4

Petrol subsidy rises by N58.6bn in one month

Frontpage October 23, 2019

5

Cross River’s multi-billion-naira tourism estate in Calabar suffers huge vandalization

Frontpage September 25, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.