The National Oil Corporation declared a state of force majeure on the oil port of Brega due to the fact it used to be not possible to put in force its commitments towards the oil market.

At a time when oil costs are improving notably due to extended world demand, which is being exploited by means of all producing international locations to enlarge their oil revenues, the Libyan crude is being subjected to a wave of unlawful closures, which will have serious damage to wells, reservoirs and surface equipments for the oil sector, as properly as the loss of state treasury opportunities at costs that may not be repeated for a long time to come.

The Corporation warns that the shutdown of production at Sirte oil and gas production and manufacturing company, will have implications for the balance of the public electrical network, in particular the eastern region, as most electricity plants feed on gas produced from the company’s fields.

Adapted from NOC Official Facebook Page