Libyan NOC Opposes Energy Sector Resolution

Libyan NOC Opposes Energy Sector Resolution

Libya’s National Oil Company (NOC) demanded U.N. supported Government of National Accord (GNA), to withdraw its issued resolution on sharing out powers over oil sector, that were previously held by the largely non-functioning oil ministry, Reuters reported.

The leadership of the U.N.-supported Government of National Accord (GNA), known as the Presidential Council, said it was assuming its authority to supervise energy sector investment and exploitation of the country’s oil wealth, including the approval or cancellation of contracts. The Council further listed NOC power over production operations.

NOC Chairman Mustafa Sanalla said that the Presidential Council “exceeded its authority,” noting: “only the House of Representatives (HOR), the legislature, has the power to make these changes.

The same source reported later a decline in Libya’s oil production to reach 252,000b/d following the shutdown of Libyan fields; Sharara and Wafa. Sharara field was producing 220,000b/d of oil and was shut on the 27th of March, while Wafa field was halted on the 26th of March.

Sarah Samir 3297 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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