Glencore Extends Libya Crude Purchase Deal

Switzerland-based oil trader Glencore has signed an extension to a deal to ship sweet Sarir and Mesla grade crudes from fields of the same name in the east of Libya, reported Reuters on 6 February.

The agreement extends the 18-month deal it agreed with state-owned National Oil Corporation (NOC) in 2015 ( MEES, 6 November 2015 ). The 200,000b/d Sarir field (NC65, Area 124) and 100,000b/d Mesla field (NC65), operated by NOC subsidiary Agoco, have been the most consistent onshore producers in the country in the past two years. Production at Sarir has been ramping up since it came on stream in August after a month-long outage and aside from a brief dip in late January has been producing around 200,000 b/d since October. Mesla has been producing between 70,000-77,000 b/d since the third quarter of 2016 ( MEES, 7 October 2016 ). (CONTINUED - 332 WORDS)