Libya Loses $34.69M from Two Oilfields Closure

The National Oil Corporation (NOC), the closure of Libya’s El Feel and Sharara oil fields resulted in a daily loss of over 160 million dinars ($34.69 million) and a loss of 330,000 barrels per day (bpd).

Libyan oil engineers said last week that a pipeline valve had been shut down at Sharara’s main field, but they did not provide any details.

The NOC’s Chairman, Mustafa Sanallah, claimed on Facebook that shutting down pipeline valves forced the corporation to declare force majeure on oilfields.

The country’s oil output has been halted repeatedly during periods of political crisis over the past decade.

Sanallah alleged a group of dubious gangs led by Mohammed Al-Basheer Al-Gurj closed the valves, rendering it impossible to meet the commitments to oil refineries in the market, thereby announcing force majeure.

Your Friends Also Read:  Libya to suspend forty foreign firms' activities

“Who is benefiting from these shutdowns as prices jumped to over 100 dollars a barrel. The same gang closed the same valves between 2014 and 2016 in line with the increased prices then,” Sanallah added.

On Friday, the Sharara oilfield, which produces 290,000 bpd, was shut down when an armed group shut off an export valve. 

Due to poor weather conditions, the NOC suspended exports in six ports on Thursday; however, the Oil and Gas Minister deemed the action a violation of national security.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Egypt Achieved Self-Sufficiency in Rice Production in 2020



Leave a Reply

Previous Article

Oil Price Increase Negatively Affecting Egypt - Minister

Next Article

Oil Price to Increase Further on Libya Disruption, Iran Talks

Related Posts
Powered by Live Score & Live Score App