Tag Archives | oil revenues

Protests Cost Libya $30bn in Oil Revenue

Reuters reports that Libya has lost $30 billion due to the ongoing protests at oilfields and export terminals, which have brought the country's oil output from 1.4 million bpd in July to less than 200,000 bpd currently. The figure comes from Musbah Alkari, director of the central bank's reserves department, who also told the news […]

Ex-General Vows 'Terrorist' Hunt

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Libya Business News. A retired Libyan general says he will continue his campaign to free Benghazi of "terrorist groups," a day after clashes there killed 36 people and injured another 138.Calm reigned in Benghazi a day after […]

2013 Oil Revenues Disappoint

A senior Libyan oil ministry official says that as a result of the disruptioin at oil facilities, oil revenues were 20 percent lower than projected in 2013. Deputy Minister for Oil and Gas, Omar Shakmak, said that proceeds from Libyan crude yielded a little less than $40 billion, much lower than the projected $50 billion […]

Libya Spends $7bn to Cover Lost Oil Revenue

The Deputy Governor of Libya's Central Bank, Ali Mohamed Salem, has told Reuters that Libya has spent $7 billion of its foreign currency reserves to offset the impact of oil strikes, and will have to spend up to $6 billion more this month to keep the country running. If the situation continues, he said the […]

Oil Protests Cost $6bn

Libya's Economy Minister, Mustafa Abu Fanas, has said the country has lost $6 billion due to the protests at ports and oil fields. "If these blockages continue it will have a big negative impact ... There are now very intense efforts so this problem will perhaps be solved," he told reporters. He said the government would […]

Libyan Oil/Gas Revenues ~$50 Billion in 2012

Libya's National Oil Corporation (NOC) announced on Sunday that the country has oil and gas revenue totalling $54.9 billion. According to the report from Tripoli Post, the revenues are calculated based on an average daily oil production of 1.350 million bpd, at a price of $100 per barrel, although our quick calculation at LBN shows […]