(EnergyAsia, August 10 2015, Monday) — Boosted by a banking deal with the International Monetary Fund (IMF) last week, the newly appointed chairman of Libya’s National Oil Company (NOC) said he plans to lift the force majeure on the country’s Ras Lanuf and As Sidra oil terminals, according to a briefing note from MAST Security.
Nagi Elmagrabi also wants to raise oil production in Libya’s eastern region following news of that the Tobruk provincial government, which control the oil terminals, had secured the IMF deal that will enable it to bank revenues and better manage cash flows.
Security remains NOC’s biggest concern in Tobruk with Islamic State-affiliated Islamic militants “causing problems in the As Sidra area,” said MAST Security.
“There has been fighting in Benghazi and Arabiya close to the Marsa Brega oil terminal. This is sited on the opposite side of the Gulf of Es Sidra to the Ras Lanuf and Es Sidra oil terminals,” it said.
Libya’s oil industry is hostage to the volatile security situation in the Middle East and North Africa. Before the overthrow of the Gaddafi regime in 2011, the country was producing around 1.6 million b/d of crude, mostly for export. Since then, production has mostly ranged from 200,000 b/d to 600,000 b/d as its oil infrastructure has been attacked while the country’s oil flows have varied according to the state of fighting between competing militia groups.
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