Wednesday, October 8, 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 Libya

Libya’s Oil Corporation Halts Drilling for New Wells

May 24, 2022
Share on FacebookShare on Twitter

Libya’s National Oil Corporation (NOC) has stopped all developmental and exploratory drilling operations at all fields and ports.

The NOC’s Chairman, Mustafa Sanalla said the halt is due to the “delay in liquidating the approved budget for the year 2022.” He stressed the need to stop all well maintenance operations, and all major development projects, to avoid arranging any new financial commitments.

Sanalla warned that the failure to liquidate the approved budget led to an increase in the financial obligations of the NOC, and its subsidiaries.

The US Embassy in Libya announced its full support for the temporary freezing of oil revenues in the Libyan Foreign Bank (LFB), until a revenue management mechanism was created.

“Restoring Libyan oil production is important for the Libyan people, and the global economy. Agreement on a mechanism for transparent management of oil revenues is imperative in order to achieve this, as discussed by Libyan parties in the 1 April meeting of the Berlin Process Economic Working Group,” the Embassy said in a statement on Saturday.

It stressed the need for “the mechanism to include agreement on priority expenditures, as well as transparency measures, and steps to ensure oversight and accountability.”

The statement noted that the US is “prepared to provide technical assistance, as requested by the Libyan parties to help with such a mechanism.”

“Progress on these important issues will contribute to a more stable political environment, and help restore momentum toward the Parliamentary and Presidential elections, as demanded by the Libyan people,” it concluded.

The statement comes days after the Parliament-backed Prime Minister, Fathi Bashagha announced the reopening of oil fields and ports that supporters of his government had closed.

The Libyan Parliament had demanded that the National Oil Corporation (NOC) freeze oil revenues in the LFB. It stipulated that government spending be limited to salaries and fuel subsidies, until power is handed over to the new government.

The NOC had recently transferred $6 billion dollars to the Central Bank of Libya (CBL). This aggravated the tense situation, resulting in the closure of several fields and ports in the east and south of the country.

The Bashagha government controls the east and south of the country, where most of the oil fields are located. This includes the oil crescent region (the largest center for export ports). Meanwhile, the incumbent PM, Abdel-Hamid Dbaiba controls the west of the country, Tripoli, and the political institutions. He has refused to hand over power, until after elections.

Tags: libyaLibyan Oilnational oil corporationnoc
Next Post

Libyan Deputy Prime Minister: We Are Committed to Work Anywhere in Libya

POPULAR CATEGORIES

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

MUST READ

Libya & UAE Discuss Resumption of Direct Flights

Egypt & Germany Reaffirm Support for Libyan-Led Political Solution

Libya Records 1st Confirmed Case of Q Fever in Livestock

Libya Moves to Strengthen Energy Exports to Italy

Libya & France Discuss Maritime Cooperation

Russia Accuses Libya’s Dbaiba Government of Aiding Ukrainian-Backed Militants in Africa

EDITOR PICKS

Central Bank of Libya Expands Foreign Reserves Amid Rising Gold Prices

Libyan Police Commemorate 61 Years of National Service

Russia Accuses Libya’s Dbaiba Government of Aiding Ukrainian-Backed Militants in Africa

Greece & Egypt Highlight Libya’s Stability & Migration Control

Libya Transfers 150 Migrants from Benghazi to Sabha

Libya Records 1st Confirmed Case of Q Fever in Livestock

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

© 2024 LR

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

© 2024 LR