No Result
View All Result
Saturday, July 12, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

Oil production at “virtual standstill” says Energy Committee

bythomwestcott
September 3, 2013
Reading Time: 2 mins read
A A

By Ahmed Elumami.

The GNC Energy Committee met yesterday to discuss the country’s plummeting oil production (Photo: Energy Committee Facebook Page)

Tripoli, 3 September 2013:

Armed strikes at Libya’s oil fields and export terminals have brought crude oil production in the . . .[restrict]country to a virtual standstill, according to the Energy Committee of the General National Congress (GNC).

The committee confirmed, in an official statement released after a meeting yesterday, that the decline in production caused by closure of the oil facilities was now hurtling towards zero.

One employee of a major oil firm, however, told the Libya Herald that production was actually down to 60,000 barrels per day (b/d). He added that this was equivalent of zero, because it was not enough to fulfil even local demand.

RELATED POSTS

Zawia Oil Refining Company prepares to establish 100-million litre industrial oils plant in Benghazi‎

Aldabaiba forms technical committee to examine controversial NC7 Hamada oil deal – must report by 30 January

The committee said that, among the political and economic consequences of the closure of the oil facilities, there would be substantial material losses for the Libyan state. The strikes had caused an imbalance in the budget, he said, which was calculated on the basis that oil production is 1.5 million with the market value of at least $90 per barrel. This has caused disruption across ministries, the committee said.

Losses have been estimated at $3 billion so far.

“The biggest damage resulting from the closure of oil facilities is the reduction in the production of oil and gas, which has caused a deficit in the general budget of the Libyan state,” Energy Committee member Fawzia Karawan told the Libya Herald.

She added that the strikes would “delay development projects of all types” and that Libya would lose respect with oil and gas clients. This, she said, would be reflected in future contracts and current fines for failing to fulfil contracts.

According to a report received by the committee from the deputy governor of the Central Bank of Libya, Karawan said, the continued closure of ports would cause a large fiscal deficit. The state could find itself unable to provide food, medicine, electricity and salaries by 2014, she said.

The Energy Committee said that the protests have also put a stop to petrol imports from abroad, which fulfil 70 percent of the country’s petrol needs. Interruptions to fuel supplies continue to cause nationwide power cuts. [/restrict]

Tags: energy committeeGNCLibyaoiloil exportoil production

Related Posts

Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

July 11, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Aldabaiba seeking long term partnership not interim solutions on combatting irregular migration

July 10, 2025
Acting Interior Minister Trabelsi taking steps to counter forged ID numbers and passports
Libya

There are 4 million irregular migrants in Libya: Interior Minister Trabelsi

July 10, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Aldabaiba: Militias have become criminal gangs and a state within the state

July 9, 2025
Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Libyan Russian Economic Forum starts in St. Petersburg
Libya

Libyan Russian Economic Forum starts in St. Petersburg

June 27, 2025
Next Post

GNC to form Crisis Committee to deal with oil disruption

Zawia refinery reopens, spokesman says no need to panic about petrol

ADVERTISEMENT

Top Stories

  • Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement

    All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.