Due to conflicts in the North African country which has cut electricity supply at oil fields, Libya’s oil production has dropped from 411,000 to 400,000 b/d according to the National Oil Corp (NOC), Bloomberg reports.
Mohammed Elharari, an NOC spokesman explains that output in Libya has been hampered by unavailability of security, improper maintenance and power outages.
Libya, holder of Africa’s largest oil reserves was known by its production of 1.6 million b/d before the rebellion that ended Muammar Gadhafi’s reign in 2011 but is yet to restore its output as conflict and fight for control of export terminals by militias and the cry for jobs and better pays has stopped operations at oil fields.
“There is no change to the situation at the ports, we are trying to re-open them but so far there is no progress.” Elharari said.
However in a note in its quarterly results BP, which in August declared force majeure in Libya, stated that there is significant uncertainty on when drilling operations might be able to proceed.