3 oil fields in Libya receive directives to restart production
(MENAFN) On Saturday, engineers reported that Libya's Sarir, Messala, and Nafoura oil fields had received directives to restart production, according to a report by a UK news agency. The engineers noted that orders had been issued by the company's management to resume operations at these fields, though the reason for the sudden decision to restart production was not disclosed.
Prior to this, Libya's National Oil Corporation (NOC) had announced a significant drop in the country's oil production, which had fallen to 320,000 barrels per day. This sharp decline was a dramatic decrease from the 1.2 million barrels per day that Libya was producing before the closure of key oil ports and fields in the eastern and southern regions of the country. The closures had severely disrupted the nation's oil output, leading to concerns over economic stability and energy supply.
The data provided by the National Oil Corporation highlights the extent of the impact caused by the shutdown of these oil fields. Since the closures began in mid-January, Libya has suffered a substantial loss of 880,000 barrels of oil per day. This dramatic reduction in production has had significant repercussions for the country's economy, given that oil exports are a major source of revenue for Libya.
In addition to the reduction in oil output, the National Oil Corporation has also reported considerable financial losses as a result of the closures. By January 23, the institution estimated that the financial impact of the shutdowns had reached USD256.6 million. These losses underscore the severe economic consequences that Libya has faced due to the disruption in oil production, further complicating the country’s efforts to stabilize its economy amid ongoing political and social challenges.
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