TRIPOLI: Libya’s crude production has fallen by 360,000 barrels per day (bpd) after armed brigades blockaded pipelines and closed three oilfields, state-run National Oil Corporation (NOC) said on Wednesday.
The shutdowns have so far cost $160 million in lost oil sales, the NOC said in a statement.
It said it would supply its Zawiya refinery by sea to keep the plant producing for domestic consumption after the Sharara, El Feel and Hamada oilfields were closed.
Libya’s oil infrastructure has been hit often by protests and fighting since Libya descended into chaos after the 2011 uprising that ousted long-term leader Muammar Qaddafi. A UN-backed government struggles to impose control over rival armed factions vying for power.
Production had recently edged back up to just over 1 million bpd after the NOC managed to negotiate the reopening of several fields through talks with local communities and tribal leaders. Major ports were also reopened.
“This is a national tragedy — our production was recovering, not enough to balance the budget, but it was enough to give us hope the financial situation could stabilize,” NOC chief Mustafa Sanalla said. “Now we are sliding backward.”
An armed group claiming to be part of the Petroleum Facilities Guard — a semi-official brigade protecting oilfields — shut down a pipeline to Sharara oilfield last week to demand more resources for the brigade’s home region of Zintan in western Libya.
The NOC said that on Aug. 19 the Reyayna patrol unit closed the Reyayan valve on the crude oil pipeline which links Sharara and the Zawiya refinery.
Sharara — Libya’s largest oilfield and which was producing around 280,000 bpd — had been shut a week ago. NOC declared force majeure on loadings of Sharara crude from the Zawiya oil terminal. It said it would now supply by sea instead.
The NOC said the group also closed pipeline No. 18, which produces 8,000 bpd linking the Hamada field and Zawiya, on Aug. 25 and a day later raided the control room of the El Feel oilfield and stopped 70,000 bpd of output there.
A force majeure is still in place on all three fields.
Hit by protests, militant violence and pipeline blockades, Libya’s crude production has at times fallen below 300,000 barrels per day, far from the 1.6 million bpd the North African state produced before the 2011 revolt.
Libya crude output down after armed brigades blockade oilfields
Libya crude output down after armed brigades blockade oilfields
Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference
RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.
The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors.
Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.
Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority.
Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference.
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said.
Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.”
MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.
“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.
The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors.
Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference.
The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.
