FX.co ★ Strike at Libya's largest oil field prompts force majeure

Representatives of the Libyan National Oil Corporation (NOC) find themselves in a precarious situation. Its workers have declared a strike at the largest Sarir field, forcing the company to halt oil production. The company's leadership will have to take measures in this emergency and meet the strikers' demands. Notably, a work stoppage is a serious matter, so the NOC leadership will have to meet the demands of the employees. It is essential to understand what the workers are seeking; otherwise, the force majeure could be prolonged. According to the statement from NOC representatives, force majeure has been declared since January 7, 2024, due to the blockade of the field by the workers. The corporation emphasized that oil shipments to the Az Zawiya port have been completely halted. Currently, negotiations are underway between the management and the strikers regarding the resumption of oil production. Earlier reports suggested that in 2024, Libya may auction licenses for the development of gas and oil on its territory internationally. This has been noted for the first time in the last 20 years, experts emphasized. Last year, the Ministry of Oil and Gas in Libya announced the restoration of two major fields. Notably, the suspension of work in these fields was accompanied by protests, with a significant number of workers from the Azwiya tribe.