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News & Insights 8 August 2016
The Libyan U.N backed Government has signed a deal with the Petroleum Facilities Guard (‘PFG’) to reopen oil ports Ras Lanuf and Es Sider which have been shut down since December 2014.
The Libyan U.N backed Government has signed a deal with the Petroleum Facilities Guard (‘PFG’) to reopen oil ports Ras Lanuf and Es Sider which have been shut down since December 2014.
Upon reopening, it is estimated by the National Oil Corporation ('NOC') that oil production will increase to 150,000 barrels per day within two weeks and gradually increase output to 900,000 barrels per day by December 2016.
Details of the deal between the U.N backed Government and PFG have not been made public and formal dates have yet to be confirmed but maintenance work has started. We understand that rival governments and armed groups are vying for control over Libyan oil wealth. There are concerns over increased violent attacks by opposing groups which may lead to damage to the infrastructure upon reopening.
Members should exercise caution when considering trading to Libyan ports. Given the instability of the Libyan Government and potentially dangerous territories, members are advised to seek guidance and advice from our local correspondent, as well as checking with their local agent for up-to-date information before calling to the region.