PetroChina signs annual contract to buy Libya's crude

PetroChina signs annual contract to buy Libya's crude

March 01, 2018 - 20:37
Posted in:
Written By: AbdulkaderAssad

Chinese oil company PetroChina Co. has agreed to an annual contract which will see it buy Libyan crude as a first move of its kind for Chna since 2013, reported Bloomberg.

Similar deals by Royal Dutch Shell Plc and BP Plc were done earlier this year with the Libyan National Corporation (NOC).

Meanwhile, Bloomberg reported a sources from the NOC that Libya is keeping its oil output steady at 1.1 million barrels per day as higher production from two of its biggest oil fields offsets the impact of a shutdown at Al-Feel oilfield.

"Production from Sharara, and Waha oilfields rose to 300,000 barrels a day each, making up for lost output from Al-Feel," the person familiar with the matter added.

Mellitah Oil Company, which together with Italy's oil giant Eni operates Al-Feel oilfield, was set to load four shipments this month, each holding about 600,000 barrels, according to a loading program seen by Bloomberg.

Al-Feel oilfield produces over 70.000 bpd out of its 100.000 bpd capacity.

Force majeure has been declared since last Friday by the NOC at Al-Feel oilfield after it had withdrawn all the workers after protests over pay delays by the Petroleum Facilities Guard (PFG).