Chairman: Libya's NOC struggling to maintain 1.3 million oil bpd due to fragile security

Chairman: Libya's NOC struggling to maintain 1.3 million oil bpd due to fragile security

July 01, 2019 - 22:08
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Written By: AbdulkaderAssad

The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah said the NOC is struggling to maintain current production around 1.3 million bpd, adding that the situation is fragile.

Speaking to reporters at the OPEC Summit in Vienna on Monday, Sanallah reviewed Libya’s current oil production outlook and conflict-related threats to the oil sector.

"NOC is monitoring developments in the East of Libya in response to an imminent threat to production. More than 700,000 bpd is at risk if the international community does not uphold UNSC resolutions." Sanallah said, according to a statement by the NOC.

He explained that oil staff safety is the NOC's key priority, adding that it may necessitate the withdrawal of workers from militarized facilities, thereby obstructing our ability to maintain and increase production.

Sanallah told OPEC summit attendees that Libya must remain exempt from any production cuts and have the right to recover production lost through conflict.

"Libya has lost 25 million barrels of oil this year alone." Sanallah remarked.

He warned that parallel institutions are taking measures to sign contracts and export oil at discount from the official selling price, while leading disinformation campaigns and attempting to lobby the UN.

"NOC is liaising with the international community to uphold UN Security Council resolutions in this regard." Sanallah indicated.