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Libya's Biggest Oil Field Set to Cut Output After Kidnappings

  • Loss to Sharara field output seen at 160,000 barrels/day: NOC
  • Total, Repsol in venture that evacuates staff, closes wells

Oil output at Libya’s biggest field is set to drop by about half after authorities evacuated staff and shut wells for safety following the armed abduction of several workers at the Sharara deposit, according to the state National Oil Corp.

Production at the field in western Libya will fall by about 160,000 barrels a day as a result of the precautionary steps, the NOC said in a statement. Unidentified assailants released two of four workers it kidnapped at Sharara early Saturday but still held the other two, the company said, offering no further details about the kidnappers or their possible motives.