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Libya's NOC Declares Force Majeure on El Feel Oil Field from Sept. 2

A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
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Libya's NOC Declares Force Majeure on El Feel Oil Field from Sept. 2

A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)

Libya's National Oil Corp. (NOC) declared force majeure on El Feel oil field from Sept. 2, it said in a statement on Monday.

The field, which has a capacity of 70,000 barrels per day, is operated by Mellitah Oil and Gas, which is a joint venture between NOC and Italy's Eni.

Oil exports at major Libyan ports were halted on Monday and production curtailed across the country, amid a standoff between rival political factions over control of the central bank and oil revenue.

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Egypt Aims to Restore Normal Output at Gas Fields by Summer 2025

Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights
Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights
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Egypt Aims to Restore Normal Output at Gas Fields by Summer 2025

Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights
Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights

Egypt aims to restore normal production at its natural gas fields by next summer, Prime Minister Mostafa Madbouly said on Thursday.

Madbouly told a news conference that production had fallen because of the arrears, but did not say how much the government owed nor when it might be repaid.

Sources told Reuters in March that the government had set aside up to $1.5 billion for payments to foreign oil and gas companies operating in the country. The arrears built up during a long-running foreign currency shortage that has since eased.

Egypt has been grappling with power shortages amid high demand for cooling systems in the summer. The country generates most of its electricity from burning natural gas.

The government halted load-shedding power cuts in July after some natural gas shipments arrived.

"Electricity load-shedding cuts won't return again," Madbouly said, adding the government had set aside $2.5 billion to ensure that.

He said there were also plans to bring an Egypt-Saudi power grid link online in a first phase by the summer of 2025.