Libya's Sharara and El Feel oilfields have resumed operations after a temporary shutdown due to the abduction of a former finance minister.

 

Libya's Sharara and El Feel oilfields have resumed operations after a temporary shutdown due to the abduction of a former finance minister.  The Sharara field, which typically produces 290,000 barrels per day, is currently operating at a reduced capacity of 30,000 barrels per day, expecting to return to normal by Sunday. The Sharara field is one of Libya's largest production areas and has frequently been targeted due to political reasons and local protests. The field is managed by the state oil firm NOC in partnership with Spain's Repsol, France's Total, Austria's OMV, and Norway's Equinor. The El Feel field, with a capacity of 70,000 barrels per day, is operated by Mellitah Oil and Gas, a joint venture between the state oil firm NOC and Italy's Eni. The Sharara and El Feel oilfields, along with the 108 field, were all closed in protest by the al-Zawi tribe following the kidnapping of former finance minister Faraj Bumatari. The 108 oilfield remains shut. The closure of the oilfields cost Libya the production of 340,000 barrels, according to Libya's oil minister Mohamed Aoun. Brent crude settled above $81 a barrel Thursday to reach an 11-week high. Libyan oil exports generally go to Spain, Italy, and France; a prolonged disruption could mean more West African crude moving into Northwest Europe, said Rebecca Babin, a senior energy trader at CIBC Private Wealth.