Libya Says It Isn’t Legally Liable in Shutdown of Its Biggest Oil Field
- Sharara’s output stopped after armed group occupies field: NOC
- Libya output to drop, days after OPEC exempts it from oil cuts
An oil drilling rig in the Sharara field, Libya.
Photographer: Benjamin Lowy/Getty Images
This article is for subscribers only.
Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts.
The shutdown at the Sharara field will result in a production loss of 315,000 barrels a day, the state energy producer National Oil Corp. said on its website. Sharara is operated by a joint venture between the NOC and Total SA, Repsol SA, OMV AG and Equinor ASA, known formerly as Statoil ASA.