NOC: Continued Closure of Oil Ports Leads to Rise in Electricity Loads

0
160

On Monday, Libya’s National Oil Corporation (NOC) stated that its condensate storage capacities are close to being filled. This is a result of the continued closure of the oil ports in the Gulf of Sirte.

The NOC added that no more natural gas can be produced during the coming period, adding that this gas is used to supply the power plants of the eastern region. The corporation noted that the closure of the oil ports in the Gulf of Sirte has led to the loss of 200 million cubic feet of natural gas on a daily basis.

The NOC is facing a severe financial crisis, as it has been forced to allocate funds for fuel imports to compensate for the consumption of natural gas used by power plants. It has also had to cover the domestic market’s needs of oil by-products, that were previously produced in local refineries. These are currently suspended due to the force majeure on the country’s oil fields. The NOC pointed out that those who are behind the closure of oil ports, were accountable for the current rise in electricity loads.

The NOC also warned of the presence of stored flammable chemicals, and other petroleum products at the country’s main oil export terminals. These add a risk potentially greater than last week’s explosion in Beirut, Lebanon.

The conflict between the Tripoli-based Government of National Accord (GNA) which is supported by Turkey and Qatar, and the Libyan National Army (LNA) backed by Russia, Egypt and the United Arab Emirates, has caused Libya’s oil production to plummet to around 70,000 bpd in recent months, from over 1.2 million bpd, prior to the blockade.