Page 8 - AfrOil Week 28 2022

AfrOil PERFORMANCE AfrOil

The central bank emphasised the importance of The North African country is struggling
the resumption of oil production and exports, to meet increasing domestic demand amid
pointing to its readiness to provide any support a shortage of gas for power stations caused by
for that purpose. It said that the fuel import the closure of main fields by armed groups, the
bill has been paid from oil sales directly since Italian news agency NOVA reported citing local
November last year by the NOC. sources from the transitional government on
Libya’s oil production rose slightly to around July 7. As of press time, however, NOC had not
800,000 barrels per day (bpd) in the last days of confirmed that exports would be suspended,
June after averaging 650,000 bpd over the full and no reduction in shipments had yet been
month. Even so, output remains far below the observed.
2021 average of 1.2mn bpd. The June average is Libya currently exports small amounts of
the lowest monthly figure reported since Octo- gas to Italy, estimated at only 2.5% of the total
ber 2020. daily demand. The gas reaches Italy through the
Yields have gone down this year as a con- Greenstream pipeline, which links Libya and the
sequence of repeated closures at the country’s Italian island of Sicily. ™
main oilfields, export terminals and port facili-
ties in the face of protests, political power strug-
gles and other disruptions. Demonstrations
have erupted in some locations, with partici-
pants demanding fair distribution of oil reve-
nues among all regions.
Many of the closures stem from political dis-
putes. Fighting tribal groups and militias have
shut down much of the oil infrastructure in
southern and central parts of the country in a
bid to exert pressure on the Tripoli-based gov-
ernment of PM Abdulhamid Dbeibah to hand
over power to the newly parliament-appointed
government of Fathi Bashagha.
On July 12, the Dbeibah administration in
Tripoli appointed Farhat Omar Bengdara as
NOC chairman, replacing Sanallah.
In related news, the political turmoil may
also lead Libya to cut gas exports to Italy by
nearly 25% in the short term. The Zueitina and Brega terminals have been reopened this week (Photo: Nafusah)

Spanish imports of Algerian gas sink

in June, as Russian imports soar

ALGERIA RUSSIAN natural gas exports to Spain rose the position of the second largest supplier of gas
more than four-fold year on year in June, while to the Spanish market, second only to the US,
Algerian deliveries dropped by more than half, which has remained in first place for six months
according to data released by Enagas, the owner in a row. US gas deliveries to Spain amounted
and operator of Spain’s gas transportation to 10,618 GWh (1.087bn cubic metres) in June,
system. equivalent to 29.6% of all imports, the bulletin
In the latest monthly edition of the Ena- noted.
gas Statistical Bulletin, the company reported The rise of Russia to the position of Spain’s
that Spain had taken delivery of 8,752 GWh second-largest supplier occurred at the expense
(895.9mn cubic metres) of Russian gas in June of Algeria, according to Enagas’ data. The North
2022, up from 2,163 GWh (221.4 mcm) in the African state slipped to third place in June 2022,
same month of last year. This 304.6% year-on- delivering 7,736 GWh (791.9 mcm) of gas, down
year increase occurred even as the European by 57.3% on the figure of 18,123 GWh (1.855
Union sought to discourage its member states bcm) posted in the same month of last year.
from including Russia on their list of gas suppli- Part of that decline is a consequence of Alge-
ers, in view of that country’s invasion of Ukraine. ria’s decision to stop using the Gaz Maghreb-Eu-
Russian supplies accounted for 24.4% of rope (GME) pipeline to deliver 9 bcm per year
Spain’s total gas imports in June, the Enagas of gas to Spain due to diplomatic disputes with
Statistical Bulletin added. This lifted Russia into Morocco.

P8 www. NEWSBASE .com Week 28 13•July•2022