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The Libyan National Oil Company (NOC) has suffered losses of over US$3.5 billion due to the forced closure of major oil drilling stations since mid-April. Management of the oil company announced a state of “force majeure” at some facilities.
The Libyan National Oil Company (NOC) has suffered losses of over US$3.5 billion due to the forced closure of major oil drilling stations since mid-April. Management of the oil company announced a state of “force majeure” at some facilities.
After the expiry of the 72 hours and the loss of more than 16 billion Libyan dinars, the NOC has decided to declare a state of force majeure on the facilities in the Gulf of Sirte (north). The company warned that it would be forced to “force majeure” within three days if production and export did not resume in the terminals of the Gulf of Sirte.
Also Read:
https://trendsnafrica.com/libyas-noc-registers-impressive-revenue-growth/
https://trendsnafrica.com/libyas-national-oil-corporation-suspends-production-in-the-al-fil-field/
https://trendsnafrica.com/the-shifting-global-energy-dynamics-whats-there-for-africa/
The company stated that production has fallen sharply, and exports have dropped to between 365,000 and 409,000 barrels a day resulting in a loss of 865,000 b/d compared to the average production before the crisis. In addition, 220 million cubic meters of gas are lost every day, although this is necessary to supply the electricity network.
The drop in gas production is contributing to the chronic power cuts that Libya. is currently experiencing, which last a dozen hours daily. Libya, has the most abundant reserves in Africa, while the production is severely affected due to an inextricable institutional crisis.
