Politics, Geopolitics & Conflict
On Thursday, Libya’s parallel eastern government (Haftar clan) lifted the force majeure on output and exports just hours after a deal was reached for two compromise candidates to head the Central Bank, which controls the country’s oil revenues. Now it’s about who can control those candidates, and how can those candidates simply insert themselves into the corrupt circles that swarm around both governments, east and west. As we have mentioned before, both the Haftar (east) and Dbeibah (west) clans were benefitting enormously (on a personal pocketbook level) under the existing stalemate that had provided a false sense of fragile stability up until the blowout at the Central Bank. Both sides would like to return to that lucrative stalemate, at least until they can further bolster the coffers and recruit enough support to take either Tripoli or Benghazi. A new CBL head buys Libyans some more time, but they will not escape the inevitable. Oil is flowing again, and prior to this most recent blockade, the country was pumping 1.2 million bpd. The oil will now continue to flow, most likely, until the next quarrel over revenues, or the next imbalance of control over the new CB leaders.
Discovery & Development
Turkish Petroleum (TPAO) has discovered one billion barrels of oil in Turkey’s Sirnak province, marking the country’s largest onshore find. Located near Cizre, the Sehit Aybuke Yalcin-1 well currently produces 10,000 bpd,…