Libya’s oil production plunged to the lowest in about six months after protesters seeking jobs and development projects halted a western oilfield run by Eni Spa.
Demonstrators forced the Elephant field to halt today, cutting the nation’s production to 150,000 barrels a day from 230,000 barrels yesterday, said a spokesman for the country’s National Oil Company.
Paolo Scaroni, Eni’s chief executive officer, met with Libyan Prime Minister Abdullah Theni today to discuss increasing production in the North African country.
Protesters in the Western Mountain range, south west of the capital Tripoli, shut a valve on a pipeline that carries crude from Elephant to the Mellitah oil export terminal, Elharari said.
The disruption is compounding a rebellion in the east, depriving the country from most of its oil production.
Curtailed Libyan supply has bouyed the price of Europe’s Brent crude this year, according to analysts at banks including Commerzbank AG.
The nation has capacity of 1.6 million barrels a day and was producing about 1.4 million barrels day when rebels seeking self-rule in the east shut down four of its nine oil export terminals in July, forcing its largest oilfield, Waha, to close.
Production of 150,000 barrels is the lowest since September, Ibrahim Al Awami, the Oil Ministry’s director of measurement, said by phone. Output rose as high as 650,000 barrels a day in January.
Sharara, Libya’s second-largest field, is also closed because of protests in western Libya. Theni asked Scaroni to “implement projects to improve health, education and water resources in the regions where the company operates,” state-news agency Lana reported.
Recommended for you
