Libya estimates field closure costing $9.8 million per day

12 Apr 2017   Libya

The closure of one of the largest oil fields in Libya means a loss of about $9.8 million and the outage of huge volumes of oil, a national oil company said. Libya’s National Oil Corp. confirmed its Sharara oil field was shut down because of attacks by militants on regional pipeline infrastructure. The field has operated in fits and starts as Libya tries to push the momentum on the national security front toward the side of peace and emerged from a previous closure just one week ago. The NOC said in a statement the closure resulted in the loss of “immense” volumes of oil and natural gas designated for exports across the Algerian border. The loss from the shutdown was estimated […]

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