Petroleum Africa
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Thursday, January 23, 2014
Libya’s oil revenues failed to meet projections in 2013 according to deputy oil minister, Omar Shakmak. Due to production disruptions and the shut ins at oil terminals, Libya’s revenues came in 20% less than the government projected.
Shakmak, in a statement carried on state television, said proceeds from Libyan crude yielded a little less than $40 billion, less than the projected $50 billion for 2013. The loss was mainly attributed to H2 2013 when eastern terminals were shut in by the region’s militia in hopes of becoming autonomous.
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