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NOC : Libya loses millions per month because of Presidency Council

BreakingNews @en di

The NOC (National Oil Corporation) underlined economical consequences of Libyan division on a statement on Wednesday. Libya is losing $250 million per month due to a commercial dispute between the National Oil Corporation (NOC) and one of its foreign partner. The NOC clarified that the dispute with Germany’s Wintershall was resulted by Presidency Council (PC) resolution 270, which stripped the NOC of its powers. “We would be producing almost 1 million bpd if it were not for Wintershall’s refusal to implement terms it agreed to in 2010. Resolution 270 was written to allow Wintershall to evade its obligations”. NOC Chairman Mustafa Sanallah said. The PC resolution gives the power to Tripoli in term of oil production supervision over the country, as well as purposed and develop legislations around oil production. However, in despite of this resolution, Libyan oil production reached 800,000 bpd last month, higher production since 2014.

Libya's oil production increases hitting 673.000 barrels on Tuesday

BreakingNews @en di

The board member of the National Oil Corporation Jadallah Al-Okli said the output hit 673.200 barrels on Tuesday after registering 663.000 barrels on Monday. This increase is a good news for oil production, strongly reduced these last days due to conflicts in the oil crescent. Indeed, last Monday, two of the main Libyan ports, couldn’t export, Essidra and Ras-Lanuf. Fortunately both ports didn’t have any damages to deplore. The production seems to go back in a normal way, but the global situtation remain complex, even if its under control.




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