Libyan Pipeline Explosion Drops Output by 100,000 Barrel a Day, Pushes Brent Prices Upward By Libya Times and Zero Hedge Al-Jazeerah, CCUN, December 26, 2017

 

 

After a quiet overnight session, the price of Brent Crude spiked following news of an explosion at a Libyan crude oil pipeline that feeds the Es Sider sea terminal - home of the largest oil depot in Libya - a source from the Libyan National Army told The Libya Times Tuesday. The blast happened near 30km northwest of Marada, the source said.

At the same time, the source accused militants from the Benghazi Defense Brigades of the blast. While the reasons for the explosions haven't been determined yet, media reports are suggesting that it was possibly a terrorist attack.

Meanwhile, the Akhbar Libya news outlet reported that the gas pipeline belonged to the al-Waha oil company. The group's press service claimed that the explosion could have been caused by a terrorist attack, adding that the communication with an engineering crew working on the scene had been lost.

The media outlet added that the group had sent its forces to the explosion site, located between Es Sider port and an oil field.

While there is still no official update on what impact the explosion could have on Libyan oil output, Brent is higher about 40 cents on the news... 

... with Bloomberg reporting that Libya's Waha output is said to drop 60-70kbpd after the explosion.

By Zerohedge.com

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Terrorist Attack on Libya Pipeline

Libya Times, December 26, 2017

Officials from the Libyan National Army (LNA) announced that the attack against the Maradah pipeline was an act of terrorism.

“Eyewitnesses saw two Toyota trucks near the scene of the blast prior to the explosion which we believe were there to plant explosives,” statement from the Media Office of LNA’s Marada Battalion has said.

We broke the news earlier today on Twitter citing LNA officials who blamed the explosion on “Islamist militants from the so-called Benghazi Defence Brigades”. The explosion took place some 30 kilometres northeast of the town of Maradah. The targeted pipeline is linking between oilfields belonging to al-Waha Oil Company and the oil port of Sidrah.

www.libyatimes.net/news/88-terrorist-attack-on-libya-pipeline  

Libya’s NOC Expects Output Drop up to 100,000 bpd

Libya’s National Oil Corporation (NOC) has just issued a statement confirming the explosion at the pipeline near Maradah operated by al-Waha Oil Company, and expected substantial decline in the country's oil exports.

“The National Oil Corporation confirms an explosion on the Zaggut to Es-Sider oil pipeline. The line connects the fields to Es- Sidrer oil terminal and is operated by the Waha Oil Company. Early investigations revealed that the explosion occurred on the line 15 km north of Marada town and 130 km south of Sidra,” said the statement. “Waha has immediately diverted production to the Samah line. However, NOC expects production losses of 70,000 to 100,000 barrels/day. ‏NOC continues to investigate the causes of the explosion and is closely monitoring developments,” the statement added.

‏ It was understood that investigators from al-Waha Oil Company are currently at the site, dealing with the resulting fire. NOC said the assistance is being arranged by teams based in the Ragoba field.

Ealrier this evening, we quoted officials from the Libyan National Army (LNA) stating that the blast was an act of terrorism. “Eyewitnesses saw two Toyota trucks near the scene of the blast prior to the explosion which we believe were there to plant explosives,” statement from the Media Office of LNA’s Marada Battalion has said.

We broke the news earlier today on Twitter citing LNA officials who blamed the explosion on “Islamist militants from the so-called Benghazi Defence Brigades”. The explosion took place some 30 kilometres northeast of the town of Maradah. The targeted pipeline is linking between oilfields belonging to al-Waha Oil Company and the oil port of Sidrah.

http://www.libyatimes.net/news/89-libya-s-noc-expects-output-drop-up-to-100-000-bpd

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