Petroleum Africa
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Tuesday, June 18, 2013
The Libyan government issued a statement on the National Oil Corp.’s (NOC) website that it may be unable to meet financial commitments as a result of a decline in production.
In mid-2012, production levels post-revolution reached more than 1.6 million barrels per day, but has since declined to less than 1 million barrels per day. The decrease has resulted in a decline in income that was previously estimated in the “hundreds of millions” area. The country could be forced to use hard currency to import the gas shortfall.
Libya has suffered a series of strikes over the past year at various oil and gas sites including the Tobruk and Zueitina ports, the Akakus reservoirs in Zawia, and the Elephant, Sharara, Messla, and Sarir fields.
The country attempted to combat problems by introducing a law (No. 65) to organize peaceful demonstrations but to no avail. Libya also refused to allow additional foreign security to help maintain safety and saw many companies and embassies exiting the unstable country.
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