The CEO of the Italian oil firm ENI Claudio Descalzi stated during one of his most recent executive calls that he expects Libyan production to come back to normal around end June.
According to Oil Price (energy news site), currently only two oil-producing objects are safe from any military blockade – Libya’s offshore assets, Bouri and Al Jurf, both located along the Tunisian maritime border.
The ENI-operated Bouri field was Libya’s first offshore venture, having decommissioned the previous floating storage and offloading vessel, Bouri is now utilizing a brand new FSO with 1.5 MMbbls of storage capacity.
The Total-operated Al Jurf has a production capacity of 45kbpd and is using the Farwah FPSO, wielding an aggregate storage capacity of 0.9 MMbbls. Given that the Libyan national oil company holds 70% of Bouri and 50% of Al-Jurf, its share of Libya’s total output stands around 60kbpd, which has left an indelible mark on NOC’s financial stature.
According to data provided by the Libyan NOC, the cumulative financial losses arising from the production blockade amount to $4.35 billion as of end-April. In terms of output lost, some 110 million barrels have been missing, with Libya’s output effectively consisting exclusively of offshore fields.
The Libyan NOC’s income revenues have parched up compared to last year’s relative financial bounty, February incomes were at a mere $555 million, roughly a quarter of last year’s average. With oil production decreasing to the lowest minimum possible, nationwide availability of transport fuels has been deplorable.
Especially dire is the fuel situation in the capital Tripoli – there are no gasoline or diesel stocks there, whilst Benghazi has some 14 days’ worth of gasoline inventories and 2 days’ worth of Diesel.