Libya’s oil production is finally bouncing back, but it is facing a long list of challenges and needs to invest heavily in its oil infrastructure if it is to regain its reputation as a reliable oil producer
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More Libyan production under threat
Libya’s budget crisis threatens to derail operations at Sirte Oil Co. (SOC), with the company’s leadership calling for help from parent National Oil Corp. (NOC).
NOC chairman Sanalla in budget talks on April 21, 2021
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Libya’s budget crisis threatens to derail operations at Sirte Oil Co. (SOC), with the company’s leadership calling for help from parent National Oil Corp. (NOC).
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Another Libyan Oil Firm to Cut Production as Funding Row Worsens
Salma El Wardany, Bloomberg News
(Bloomberg)
One of Libyaâs state oil producers said it would have to cut as much as 100,000 barrels a day of output this week, a further sign that a budgetary crisis is threatening the OPEC memberâs energy industry.
Sirte Oil Co. will be forced to âreduce production and halt it completely within 72 hours,â the company said in a statement Thursday to its parent, the National Oil Corp.
The eastern-based firm blamed its âvery critical financial situation, the inability to fulfill contractual obligations to contractors, accumulation of debts and the lack of spare parts, fuel and chemicals required for the operations.â