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Libya’s NOC Sees Drop in Production from As-Sarah Oil Field

Oil

Libya’s NOC announced that production at the north eastern 90K b/d As-Sarah oilfield had dropped by 50K b/d amidst protests regarding a contract dispute with German operator Wintershall, Reuters reports. The two sides have been in a contract dispute since the beginning of the year that had shut down output in the past, but struck an interim deal to resume production in June. Production has now been disrupted due to disagreement over the implementation of new contract terms, depriving Libya of about $3M per day. According to the NOC, the German Company has failed to honour a 2010 memorandum of understanding to convert its concessions to the standard NOC contract that governs deals with international companies, and claims this releases Wintershell from corporate and social responsibility and environmental obligations.