Public Management

Oil field shutdown, losses peaked at over $500mln in Libya

Oil field shutdown, losses peaked at over $500mln in Libya
Wednesday, 29 January 2020 16:58

The Libyan national oil corporation (NOC) reports that losses induced by the shutdown of oil fields reached $502 million over a period of 10 days.

NOC says the country’s oil production slid by more than a million barrels a day. “The total value of losses since the beginning of the blockades has reached $502,289,339 as of Monday, January 27, 2020.” Average daily loss is estimated at $50.2 million.

The closure of the oil facilities is the work of powerful tribal groups loyal to General Haftar, in a move to defy the international community, in the West, that supports the Tripoli government.

A few days ago, Mustafa Sanalla, the head of the NOC said that this measure is suicidal as it deprives the government of precious resources that will be used to finance the budget, rebalance public finances and revive the economy that has been in decline for the past 10 years.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Bridge Bank Group plans to open a Guinea subsidiary in January 2027 as part of regional expansion. The group reported net profit of CFA27.2 billion...
NSIA Banque CI securitized bonds begin trading on BRVM First multi-currency deal in UEMOA, fully subscribed Proceeds to boost SME lending,...
Ecobank Côte d’Ivoire reports revenue and profit growth in 2025 Deposits, loans rise; shareholders approve dividend payout Bank targets...
More than CFA1,000 billion received via mobile money in 2024 Total inflows rise 77% to CFA1,354 billion, led by Europe and North...
Most Read
01

Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...

Two Other African-focused Private Equity Firms to Snap Up assets shed by Global Majors
02

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
03

Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...

Libya Opens Dollar Sales to Ease Pressure on Dinar and Prices
04

From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...

Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
05

Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...

Tanzania Secures $2.33 Billion in Syndicated Financing for Standard Gauge Railway
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.