Mustafa Sanallah, head of Libya’s National Oil Corporation (NOC), admitted on 11 October that it will be “very difficult” to meet the firm’s 1.25mn b/d end-2017 oil output target. The country has lost an estimated $126bn in revenue due to the blockading of oil facilities in the past five years, while NOC has received only 25% of its 2017 budget, he says. Lack of cash has compounded the losses: the NOC chief claims that on a recent day output was 90,000 b/d lower than...
Libya Gives Up On Output Target Amid $126bn Losses But Hopeful On Exploration
Published on Fri, 13 Oct 2017 - Volume: 60 Issue: 41Print
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