Libya’s Oil Terminal Remains Closed

American independent Marathon Oil, is not including Libyan production in forecasts “because of the uncertainty around sustained production levels”, the company says in its most recent update. “Oil liftings (in Libya) have not resumed to date, and the oil terminal remains closed”.

The company’s International E&P production available for sale for the third quarter of 2013 averaged 203,000 net BOEPD (excluding Libya), which was lower than the second quarter of 2013 average of 217,000 net BOEPD primarily as a result of a planned turnaround at Alvheim in Norway and temporary production shut-in of the outside-operated Foinaven asset.

“The Company had three oil liftings from Libya in July, but no oil liftings in August or September due to labour strikes at the Es Sider oil terminal. During the third quarter of 2013, net sales in Libya averaged 21,000 BOEPD [16,000 BBLD of oil and 30 million cubic feet per day (MMcf/d) of natural gas], compared to net sales of 49,000 BOEPD (45,000 BBLD of oil and 24 MMcf/d of natural gas) in the second quarter. Marathon Oil has not included production from Libya in forecasts because of the uncertainty around sustained production levels. Oil liftings have not resumed to date, and the oil terminal remains closed.

As shown in the table, Marathon Oil’s production available for sale in the fourth quarter of 2013 is expected to be higher than the third quarter. Full year 2013 guidance for production available for sale from the combined North America E&P and International E&P segments (excluding Libya) remains unchanged at 410,000 to 425,000 net BOEPD. Full year 2013 production guidance for the OSM segment remains 40,000 to 44,000 net BBLD of synthetic crude oil.


Marathon Oil’s Sales and Production Volumes

Total Company sales volumes (excluding Libya) during the third quarter of 2013 averaged 459,000 net BOEPD compared to 457,000 net BOEPD for the second quarter of 2013.

  Three Months Ended
  Sept. 30 June 30
(MBOEPD) 2013 2013
Net Sales Volumes    
North America E&P 200 201
International E&P excluding Libya (a) 210 213
Oil Sands Mining (b) 49 43
Total excluding Libya 459 457
Libya 21 49
Total 480 506

(a) Libya is excluded because of uncertainty around sustained production and sales levels.

(b) Includes blendstocks.

  Three Months Ended Guidance (a)
  Sept. 30 June 30 Q4
(MBOEPD) 2013 2013 2013
Net Production Available for Sale      
North America E&P 200 201 202-210
International E&P excluding Libya (b) 203 217 210-218
Oil Sands Mining (c) 41 37 40-45
Total excluding Libya 444 455  
Libya 18 45  
Total 462 500  



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