Quotes: US 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.


 






  MENA News Headlines
 Jul 27 2014 - New dates for Plastivision ArabiaspanKhaleej Times
(MENAFN - Khaleej Times) Po Centre Sharjah will continue to partner with the All India Plastics Manufacturers Association or Aipma the oldest and the largest apex body of the plastic industry in ...

 Jul 27 2014 - First physical delivery of plastics futures contract done by DCCCspanKhaleej Times
(MENAFN - Khaleej Times) E DCCC which acts as the clearing house for the DGCX is the central counterparty for each trade carried out on the exchange.The Dubai Commodities Clearing Corporation or DCCC ...

 Jul 27 2014 - Ajman Bank to distribute DMCC coinsspanKhaleej Times
(MENAFN - Khaleej Times) E UAE Gold Bullion Coins are available in four denominations weighing 1oz 1/2oz 1/4oz and 1/10oz.The Dubai Multi Commodities Centre or DMCC has announced that Ajman Bank is ...

 Jul 27 2014 - SIB launches Splendid Summer OfferspanKhaleej Times
(MENAFN - Khaleej Times) Arjah Islamic Bank or SIB has launched its Splendid Summer Offer a new highly-competitive personal finance product with the lowest rates ever starting from only 2.The move is ...

 Jul 27 2014 - Six Emirati families get new AvanzaspanKhaleej Times
(MENAFN - Khaleej Times) Med at making reliable and affordable mobility available to a larger segment of the society the initiative empowers members of the UAE community with the right transport ...

 Jul 27 2014 - Busy Eid for Abu Dhabi hotelsspanKhaleej Times
(MENAFN - Khaleej Times) Cupancies set to be increased as competition has never been so tough Emirates Palace like other hotels in Abu Dhabi have revved up their offers for Eid. — Supplied ...

 Jul 27 2014 - Dubai retailers look to continue brisk businessspanKhaleej Times
(MENAFN - Khaleej Times) Tailers are anticipating another year of enthusiastic buying and selling as all major malls in the emirate witness an increase footfall this summer.Fashion apparel home ...

 Jul 27 2014 - Bank of Baroda marks 107th foundation dayspanKhaleej Times
(MENAFN - Khaleej Times) Ma Moorthy garlanded the portrait of Sir Sayajirao Gaekwad III and lit a lamp to mark the celebration of 107th foundation day.Bank of Baroda recently celebrated its 107th ...

 Jul 27 2014 - Gulf Intl Bank posts 50.2m first-half profitspanKhaleej Times
(MENAFN - Khaleej Times) T interest income at $76.Gulf International Bank reported a consolidated net income after tax of $50.2 million for the six months ended June 30 2014 compared to $60.6 million ...

 Jul 27 2014 - ABC Islamic Bank gains up 25 at 7.5mspanKhaleej Times
(MENAFN - Khaleej Times) Erating expenses increased to $3.ABC Islamic Bank on Saturday announced that its net profit for the first half of 2014 was $7.5 million 25 per cent higher than the profit of ...

more...


 






Google

Click to Apply

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help