Libya may declare force majeure over oil field shutdowns — OilPrice
In Libya, the National Oil Corporation (NOC) said it may declare force majeure due to the halt in production at the Hamada and Tahara fields. The pumping station was also shut down after representatives of the Petroleum Facilities Guard closed a valve on the main Hamada–Zawiya oil pipeline.
OilPrice reports, citing the NOC. The corporation warned that it could invoke force majeure if the closed valve is not reopened or similar shutdowns affect other oil fields.
Possible new cuts
The Petroleum Facilities Guard said it intends to partially reduce production at several more fields within one week, including Wafa, Al-Hamisi and El-Feel. If its demands are not met, the service plans to completely halt production at these facilities.
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Representatives of the service demand that it be transferred financially and administratively from Libya's Ministry of Defense to the NOC. They also call for a timetable to be set for completing such a transfer.
NOC plans
According to OilPrice, oil production in Libya has increased to approximately 1.4 million barrels per day, the highest level in more than ten years. The NOC plans to raise it to 1.6 million barrels per day by the end of 2026 and to 2 million barrels per day in the early 2030s.
NOC Chairman Masoud Suleiman estimated the required volume of foreign investment to implement these plans at $36–40 billion. The NOC also received $2 billion under Libya's 2026 budget. This year, Libya concluded exploration and production-sharing agreements with Repsol, Turkish Petroleum, Eni, QatarEnergy and MOL following its first major licensing round in 17 years.
