Petroleum Africa
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Tuesday, July 3, 2018
Libyan state-run National Oil Corporation (NOC) has warned that the stoppage of crude exports from oil terminals currently blockaded by the Libyan National Army (LNA) – Es Sider, Ras Lanuf, Hariga and Zuetina, could knock the country’s production down to almost nothing.
According to NOC total daily production losses resulting from the blockade at the ports is estimated at 850,000 bpd of crude; 710 Mmcf/d of natural gas (used to generate electricity and provide field operations with electrical power and gas lift); and more than 20,000 bpd of condensate.
The power generation at the Zuetina and North Benghazi power stations will be badly affected NOC said. The corporation is already facing a deficit in the fuel import budget and will not be able to compensate the lost gas due to the shutdown by importing more liquid fuel from abroad.
Daily revenue losses associated with the shutdown of production of crude oil, condensate and natural gas are estimated at $67.4 million.
The state-run firm called upon the LNA General Command to end the blockade and allow NOC to fulfil its “economically vital, internationally recognized” role as sole Libyan entity responsible for the exploration, production and export of petroleum products. Failure to do so will have further dramatic consequences on the oil and gas sector, key operational infrastructure and national finances.
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