Libya declares force majeure in 2 major oilfields

Tripoli, March 7 Libya's state-owned National Oil Corporation (NOC) has declared a state of force majeure in two of the country's largest oilfields after an armed group closed pumping valves.

"Those closures (of the valves) came after a price jump of more than $100 per barrel of crude oil. The same group closed these valves between the years 2014 and 2016, a time when oil prices went up," Xinhua news agency quoted NOC Chairman Mustafa Sanalla as saying.

The closure of the oilfields caused a loss of 300,000 barrels of crude oil per day, the Chairman said.

Sanalla said the shutdown is aimed to "create chaos in the country", demanding the Attorney General to bring those responsible to justice.

"For a decade, the infrastructure of the oil sector has been subjected to attacks and sabotage. This resulted in difficult economic challenges," the NOC Chairman said.

Oil and gas constitute one major source of Libya's revenue.

However, the sector has suffered over the past years from armed conflict and closures of oil fields and ports.

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