Libya Faces Further Output Fall, Degraded Capacity With Chronic Under-Investment

Libya’s political divisions mean NOC is not receiving its share of current, limited, oil revenues. With no cash to fund upstream operations, output is falling further.

The failure of Libya’s internationally recognized government to make funds available to the state oil company is costing the country more than $10mn a day in lost oil revenue, according to the country’s hydrocarbons chief. Oil exports have fallen to little more than 200,000 b/d.

In a statement on the National Oil Corporation (NOC) website, the chairman of the Tripoli-based branch of the organization, Mustafa Sanallah, says that the “Financial Arrangements Committee of the Presidency Council [PC] needs to explain the delay [to the release of funds] because every day our country loses over $10mn because of the shortfall, and that is money we will never recover.” (CONTINUED - 1954 WORDS)

DATA INSIDE THIS ARTICLE

table Libya Early-2016 Oil Output Breakdown