BusinessLibya

26.4M barrels of oil lost to Sharara oilfield shutdown

Libya lost 26.460 million barrels of oil, which could have been exported within 84 days, the period during which the oil field was closed.

The losses incurred by the shutdown of the field in December have reached $1.8 billion, according to the National Oil Corporation (NOC). So-called Fezzan Anger Movement had captured the oil field to stage protests demanding better services in the area.

The NOC seeks to raise its production by more than 2 million barrels by 2020 to make up for the shutdown.

The force majeure was only lifted on Saturday at Libya’s biggest oilfield of the production 350,000 barrels per day.

“The NOC has received assurances that the site’s security has been restored. Verified by our own inspection team, our staff will be able to return to work. This costly episode highlights the importance of the NOC remaining independent and free from extortion and armed incursion,” said NOC head Mostafa Sanalla in a statement.

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