Majalat
Libya
Economic development and social dialogue

The Libyan National Oil Corporation (NOC) announced on Thursday evening losses of more than $3.5 billion resulting from the forced closure of major oil sites since mid-April, and declared a state of “force majeure” on some facilities.

The company stated that “after the expiry of 72 hours and the loss of more than 16 billion Libyan dinars (about $3.59 billion), the NOC decided to declare a state of force majeure” on the facilities in the Gulf of Sirte (north).

According to the NOC, production has “fallen sharply” and exports have dropped to between “365,000 and 409,000 b/d, a loss of 865,000 b/d” compared to the average production before the crisis. In addition, 220 million cubic metres of gas are lost every day, although this is necessary to supply the electricity network. The drop in gas production is contributing to the chronic power cuts that Libya is currently experiencing, which last a dozen hours daily.