Fire at Libya's Sharara Field Triggers Oil Flow Reroute [Yahoo! Finance]
REPSOL SA SP/ADR (REPYY)
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Source: Yahoo! Finance
NOC said that “Production at the Sharara field continues: some flow was gradually redirected to the El Feel pipeline toward Mellitah port, while the remainder was diverted through the 18?inch Hamada pipeline to the Zawiya storage tanks. These measures have significantly reduced losses.” The Sharara field is a regular target for warring political and military factions in Libya, which boasts the biggest oil reserves in Africa, at an estimated 48 billion barrels . Yet the country has been struggling to boost production significantly following the civil war that broke out after the United States toppled Muammar Gaddafi, as the political situation remains complicated. The Sharara field has the capacity to produce over 300,000 barrels daily, but maintaining this rate of production has proved difficult as the field regularly becomes a target for protesters and various political factions that have repeatedly blocked it to make their points. Despite the challenges, Libya last year held
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