Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Libya oil output drops to 230,000 bpd after key field shut  Join our daily free Newsletter

MENAFN - AFP - 23/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Libya's oil production has dropped to 230,000 barrels per day from 570,000 bpd in early January after the closure of Al-Sharara field in the south, state-owned National Oil Corp said Sunday.The drop is the latest blow to the oil-rich but strife-hit North African nation, where the oil sector accounts for 70 percent of GDP, 95 percent of state revenues and as much as 98 percent of exports."The country's oil production has fallen to 230,000 bpd after the closure on Thursday evening of the oilfield at Al-Sharara," which has an output of 330,000 bpd, NOC spokesman Mohamed al-Harairi said.Harairi said the NOC had shut down the field because "protest movements near the... wells no longer ensure the optimal security conditions," without giving further details.Relaunch of production at Al-Sharara in early January had pushed Libya's output up to 570,000 bpd, when protesters in the area lifted their blockade of the site.Tripoli has struggled to impose its will across the country since the 2011 uprising that toppled the regime of dictator Moamer Kadhafi, as groups of ex-rebels have held onto their weapons and defied the government's authority.Supporters of a federal system of government sparked a crisis in the oil sector last July, when they blockaded key terminals in the east, cutting output to 250,000 bpd, from 1.5 million bpd before their strike.The oil crisis has already cost the country more than 10 billion (7 billion euros) in losses, according to estimates from the oil ministry and the World Bank.Al-Sharara is run by Akakus, a joint venture between the NOC, Spanish company Repsol, France's Total and Austria's OMV.The International Monetary Fund said Libya's economy contracted by 5.1 percent in 2013.


 


AFP




  MENA News Headlines
 Apr 28 2015 - Qatar- HH the Emir Congratulates Sudanese PresidentQatar News Agency
(MENAFN - Qatar News Agency) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Monday sent a cable of congratulations to President Omar al-Bashir on the occasion of his re-election as president of the ...

 Apr 28 2015 - Saud Al-Haqbani crowned with title of American International Challenge Tournament for TennisSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi team tennis captain under 14 years old player Saud Al-Haqbani was crowned with the title of The International Challenge Tournament, which concluded its ...

 Apr 28 2015 - Saudi- NAUSS Organizes 'Care and Counseling Role Facing Takfiri Thought' ForumSaudi Press Agency
(MENAFN - Saudi Press Agency) The Scientific Forum on 'Care and Counseling's Role in Facing Takfiri Thought' started its works, whereas it is being organized by the Faculty of Social and ...

 Apr 28 2015 - EGP 1.6tn deposits in banks: NBE chairmanDaily News Egypt
(MENAFN - Daily News Egypt) The total deposits in the banking sector amounted EGP 1.6tn, and the funding size increased to EGP 640m, Hisham Okasha, chairman of the National Bank of Egypt (NBE) ...

 Apr 28 2015 - Palestinian youth dies of injuries in JeninJordan News Agency
(MENAFN - Jordan News Agency) A young Palestinian succumbed Tuesday to wounds sustained during clashes with Israeli forces late on Monday in al-Araqa village in western Jenin.Palestinian sources said ...

 Apr 28 2015 - Capital market sheds EGP 7bnDaily News Egypt
(MENAFN - Daily News Egypt) The series of losses for the Egyptian Stock Exchange (EGC) continued for the second consecutive trading day, with the market losing some EGP 7bn. The preceding day the ...

 Apr 28 2015 - Hyundai Verna most sold car in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) The Hyundai Verna was the most sold car in Egypt in January and February after achieving sales of EGP 338m. More than 4,000 cars were sold.The Verna is considered the ...

 Apr 28 2015 - Political situation in Arab world reflects negatively on job opportunities: ministerJordan News Agency
(MENAFN - Jordan News Agency) Labor Minister Nidal Qatamin said that the political situation in Arab countries, especially those that witnessed the so-called Arab Spring and which caused the economic ...

 Apr 28 2015 - Syria Bands Rock Beirut Music SceneArab Times
(MENAFN - Arab Times) Syrian rock bands fleeing war are finding safety and new fans in neighbouring Lebanon, where they are revitalising a Westernised scene with their focus on Arabic musical ...

 Apr 28 2015 - Egypt- Qalaa Holdings hires CI Capital to exit Tanmeyah firmDaily News Egypt
(MENAFN - Daily News Egypt) EGX listed Qalaa Holding has assigned CI Capital as advisor on the possibility of fully exiting its investments in Tanmeyah Micro Enterprise Services, the company ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help