Libyan production languishes under ‘illegal blockade’
National Oil Corporation reports its lowest production since the blockade started in January as external forces gear up for clash over Sirte basin oilfields
Libya has posted its lowest monthly income from hydrocarbons since the start of the six-month blockade of its oil ports and fields, earning its National Oil Corporation (NOC) just $45.5mn during June. The blockade, imposed by General Khalifa Haftar’s Libyan National Army (LNA), has seen production plunge from 1.2mn bl/d when it began on 17 January to c.90,000bl/d now, almost all of which is from offshore platforms. The shutdown, backed by the unofficial Tobruk government—which is warring against the UN-recognised government in Tripoli—has cost $6.5bn in lost revenue. Libyan oil income goes not to the NOC but the Tripoli-based Central Bank of Libya (CBL), with funds held in European banks. Li
Also in this section
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix