Nationaloilcoorporation

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.