The Libyan National Oil Corporation will lose $55 million daily due to shutting down oil shipment at ports, RIA Novosti reported, citing a statement by the company.
According to the corporation, daily losses in crude oil production will amount to 800 thousand barrels, which corresponds to USD55 million.
The ports of Al-Barik, Ras Lanuf, Al-Harik, Zaytuniya and Al-Sadr were blocked by order of the commander of the Libyan National Army, Khalifa Haftar.
The country in terms of oil reserves ranks 9th in the world with 48.4 billion barrels. Before the overthrow of the national leader Colonel Muammar Gaddafi, Libya produced about 1.6 million barrels of oil per day, and it was one of the main oil exporters in southern Europe.
With the interruption of oil exports, the rivalry between two Libyan centres of power in Tripoli and Benghazi escalates to new height.
At present Libya has a world-recognized Government of National Accord, led by a Fayez al-Saraj, a descendant from a prominent Turkish family, who resides in Tripoli, and the Interim government, which is headed by Abdullah Abdurrahaman at-Thani, supported by Tobruk Parliament and Libyan National Army commander Khalifa Haftar, who has been undertaking siege of Tripoli since April 2019, claiming the need to liberate if from terrorists.
Libyan ambassador is expelled from Athens following the agreement between Libya and Turkey, signed on November 27, which maps out a sea boundary between the two countries, close to Crete island.
Mohamed Younis AB Menfi has 72 hours to leave the country, Greek Foreign Minister Nikos Dendias told reporters on December 6. The Turkey-Libyan accord was a “blatant violation of international law,” Dendias said.
Ankara is backing Libya’s internationally recognized government in Tripoli.The agreement on maritime boundaries in the Mediterranean Sea between Turkey and the Chairman Fayez Al Sarraj administration could complicate disputes over energy exploration in the Eastern Mediterranean, where Turkish drilling has caused indignation of Greek Cypriots, Athens, and the EU.
Democratic Republic of Congo (DRC) government has taken decision to open up parts of two protected national parks Virunga and Salonga, habitat to endangered species such as mountain gorillas, to oil drilling.
Lifting of the protection of endangered species habitat evoked fierce opposition from environmental activists, who say drilling would place wildlife at risk. Many blame irresponsible attitude to the national parks to a weak democratic institutions in Congo, unable to protect the UNESCO protected sites in favor of oil industry.
Experts also fear it will release huge amounts of carbon dioxide into the atmosphere, contributing to global warming.
DCR government has defended its right to manage resources of Congo, and said it was mindful of protecting animals and plants in the two UNESCO World Heritage sites.
Cabinet said it had approved the establishment of commissions charged with preparing plans to declassify sections of the parks, including 1,720 sq km (664 sq miles), or 21.5% , of eastern Congo’s Virunga.
Libya’s Sharara oil field stopped extracting crude oil several days after output plunged at another of the OPEC member’s biggest deposits.
The halt resulted from the closing of a pipeline from Sharara to the Zawiya refinery, according to experts opinion. Sharara stopped production on Sunday (4/03/2018), according to Maghrebin sources. Libya had been pumping 1.1 million barrels a day as of March 1, with Sharara contributing 300,000 of that. The field is run by a joint venture between the National Oil Corp. and Repsol SA
, Total SA
, OMV AG and Statoil ASA.
Armed men exploded a pipeline pumping crude oil to Es Sider port, cutting Libya’s output by up to 100,000 barrels per day (bpd), military and industry sources claimed.
The state-run National Oil Corporation (NOC) said in statement output had been reduced by 70,000-100,000 bpd. The cause of the blast was unclear, it added.
The attackers arrived at the site near Marada in two cars and planted explosives on the pipeline, a military source said.
Pictures purportedly showing a huge cloud from the blast in central eastern Libya circulated on social media.
The damage was still being assessed, one oil source said. Oil prices rose on the report.
Islamic State fighters had a presence in the area until government forces expelled them from their main stronghold in Sirte a year ago.
The operator of the pipeline is Waha, a subsidiary of the NOC and a joint venture with Hess Corp, Marathon Oil Corp and ConocoPhillips.