Sunday, August 10, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Economy

Libya Loses $80 Million due to Oil Fields Shutdown

March 10, 2022
Share on FacebookShare on Twitter

Libya National Oil Corporation (NOC) stated that the closure of crude valves from the El-Sharara and El-Feel oilfields led to the loss of 660,000 barrels of oil, worth over $80 million dollars.

On Tuesday, the Libya NOC announced that an armed group shut down two crucial oil fields, causing the country’s daily production of oil to drop. Before the shutdown, Libya’s production of oil was at around 1.2 million bpd.

NOC Chairman, Mustafa Sanalla announced a force majeure, a legal manoeuvre that frees the company from its obligations, given the extraordinary circumstances.

Sanalla said the Libya NOC has urged public prosecutors “to take deterrent measures” and reveal “the planners, executors, and the beneficiaries” of the shutdown. “The same militia had disrupted oil production at both fields in 2014 and 2016,” he added.

An official in Libya said the group that closed the fields was from the mountainous town of Zintan, around 136 kilometers (over 84 miles) southwest of Tripoli. Tribal leaders in the area were negotiating with the militia leaders to allow production to resume, said the official, who spoke on condition of anonymity.

The shutdown came as the Russian invasion of Ukraine has shaken global markets, causing crude oil prices to soar above $115 per barrel. Libya has the ninth-largest known oil reserves in the world, and the biggest oil reserves in Africa.

The dizzying developments have come amid a mounting standoff between two rival governments, which threaten to again drag the country into chaotic infighting.

  • West Urges Libya to Preserve Independence of NOC
  • Italy-France Discuss Resuming Libyan Oil Production
  • Libya’s NOC Reopens All Oil Fields
  • World Bank: Elections Essential for Libya’s Recovery
  • Libyan Oil Companies to Resume Production
Tags: libyaLibyan OilOil FieldsOil Losses
Next Post

Egypt & Saudi Arabia Welcome New Libyan Government

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

US & Greece Discuss Libya’s Political Future

Benghazi Set to Host 1st Annual Arab Media Conference

Libyan PM Accuses EU of Political Failure on Migration

ICC Calls for Cooperation to Arrest Libyan War Crimes Suspect

Cultural Forum in Al-Zawiya Calls for Youth Empowerment

Libya’s Central Bank Calls to Adopt Law to Curb Terror Financing & Protect Economy

EDITOR PICKS

Libyan Army Denies Claims of Gaza Relocation to Libya

ICC Calls for Cooperation to Arrest Libyan War Crimes Suspect

Libya Deports 462 Egyptian Migrants

UN Pledges Support for Libya’s Sustainable Growth Plans

Competitions Committee Sets Libya Cup Semi-Final Schedule

US & Greece Discuss Libya’s Political Future

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR