Libyas Biggest Oil Field Sharara Is Said To Resume Production
Libya was producing 1.1 million barrels a day as of March 1, with Sharara contributing 300,000 of that
Cairo: Libya’s Sharara oilfield, the country’s biggest, began pumping after the reopening of a pipeline to the Zawiya refinery.
Sharara was producing again after a one-day halt, according to a person with knowledge of the matter who isn’t authorised to speak to news media and asked not to be identified. The North African nation’s largest field had stopped pumping on Sunday. The person gave no explanation for the closing of the pipeline that triggered the halt in output at the field.
Libya was producing 1.1 million barrels a day as of March 1, with Sharara contributing 300,000 of that. The field is run by a joint venture between the National Oil Corp. and Repsol SA, Total SA, OMV AG and Statoil ASA. Sharara stopped pumping several days after output plunged at another of the Opec member’s biggest deposits, El-Feel.
Libya, a member of the Organisation of Petroleum Exporting Countries, has struggled to boost oil production amid the lingering effects of civil strife that erupted earlier in the decade. Output has risen from 370,000 barrels a day two years ago, though it remains well below the 1.8 million barrels a day Libya pumped before the ouster and killing of former leader Muammar Gaddafi. Major oilfields including Sharara and El-Feel have experienced sporadic disruptions before, occasionally setting back the revival.
Dubais Magellan Capital Launches Flagship $975m Hedge Fund
Dubai-based manager is opening its absolute return platform to third-party capital for the first time The post Dubai’... Read more
UAEs FAB Posts 22% Jump In Q4 Profit, Beats Estimates
UAE's biggest bank FAB reported a record 2025 profit after strong Q4 results, higher non-interest income and expanding ... Read more
Dubai Unveils $27.2bn DIFC Zabeel District In Landmark Financial Hub Expansion
Dubai unveils $27.2bn DIFC Zabeel District, a landmark expansion set to reshape the city’s financial hub amid global ... Read more
Digital Payments Dominate Saudi Arabia As Cash Use Continues To Decline, Visa Says
Visa research shows 80% of transactions in Saudi Arabia are now digital, highlighting accelerating consumer shift away ... Read more
Saudi Venture Capital Surges 145 Per Cent To $1.72bn In Record 2025
Saudi Arabia leads MENA venture capital for a third year, with 2025 investment reaching $1.72bn across a record 257 dea... Read more
GCC Debt Market Tops $1.1trn As Dollar Issuance Surges – Report
Fitch Ratings says GCC debt capital markets grew 14% in 2025, led by US dollar borrowing and record sukuk activity The ... Read more