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NOC Declares Force Majeure after LNA Blockades Oil Exports from Ports

Source: www.gulfoilandgas.com 1/18/2020, Location: Africa

The LNA General Command and the Petroleum Facilities Guard of the Central and Eastern Regions have instructed the managements of Sirte Oil Company, Harouge Oil Operations, Waha Oil Company, Zueitina Oil Company and Arab Gulf Oil Company (AGOCO), subsidiaries of the National Oil Corporation, to stop oil exports from Brega, Ras Lanuf, Hariga, Zueitina, and Sidra ports. The blockade instructions were given by Major General Nagi al-Moghrabi, the commander of PFG appointed by the LNA, and Colonel Ali al-Jilani from the LNA’s Greater Sirte Operations Room.

This will result in a loss of crude oil production of 800,000 b/d and daily financial losses of approximately $55 million per day.

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