Libya's Oil Blockade Losses exceed $3.5bn

By John Lee.

Libya's National Oil Corporation (NOC) has said the financial losses resulting from the ongoing blockade of its oil facilities now exceed $3.5 billion, as oil production falls to just 95,837 barrels per day (bpd).

In a statement late on Monday, the company said:

"The NOC continues to work hard to serve all Libyans in every part of the country with fuels.

"Despite hardships and an illegal shut-down of many oil production and distribution facilities, NOC is still able to source and distribute enough fuels for all Libyans. This includes the Eastern region, where NOC has sent approximately 700 thousand tonnes of fuels since the start of January to now. NOC has spent over 300 million US dollars since the start of the blockade to purchase and transport fuels into Eastern Libya. This includes approximately 20 legitimate shipments of fuel imports just for the Eastern region since the start of the blockade.

"We call on those responsible for the illegal closures to immediately lift the imposed blockade and spare oil sector workers and citizens from more suffering. We call on the rest of the state's bodies to maintain the remaining financial reserves and reduce their expenses as well.

"NOC is taking action to protect staff from the COVID-19 virus. Many staff are now working remotely, and all NOC venues are following new safety procedures that comply to guidance from the Libya National Center for Disease Control. Health and Safety teams in all NOC subsidiaries are now fully trained to deal with the situation.

"Oil and gas production in Libya have been consistently down. The current levels of production are 95,837 barrels a day, as of Sunday March 22, 2020. Forced restriction of production has resulted in financial losses exceeding 3,535,802,366 USD since January 17, 2020.

"A diesel tanker finished discharging at the Benghazi port today March 23, 2020; while another gasoline tanker is expected to arrive at the port later today. The city of Tobruk and the rest of the Eastern region are being supplied by NOC directly from Benghazi.

"Tripoli storage depots and some of the surrounding areas and Southern regions are suffering from a lack of supplies due to the deteriorating security conditions. The city of Tripoli is supplied with hydrocarbons directly from the Tripoli port.

"As part of its commitment to transparency, the NOC will continue to publish data on fuel stocks in Libya as well as details of shipments, to inform citizens of fuel availability in their area.

"Please beware of disinformation regarding the current fuel situation, published by non-NOC sources. This report is the only source of accurate and updated information.

"For more information about NOC activity please visit the official NOC Facebook page."

(Source: NOC)

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