Libya Threatens Force Majeure as Oil Guards Shut Fields

Summary

Libya's National Oil Corporation (NOC) may declare force majeure after the Petroleum Facilities Guard shut down the Hamada and Tahara oilfields over administrative and financial demands. The disruption threatens further production cuts at key fields, jeopardizing Libya's recent output gains which had reached a decade-high of 1.4 million bpd and undermining its efforts to attract foreign investment to reach its 2 million bpd target.