Libya’s National Oil Corporation has been facing continuous delays in receiving budget money from the Libyan government, stated Mustafa Sanalla, NOC’s Head, adding that the delay can decrease oil output, Reuters reported.
Sanalla’s comments came following his meeting with Al Jouf Oil Technology Compay’s Head.
NOC received only 50% of its capital expenditure budget from the Libyan government in 2017, Sanalla told a Chatham House conference in London late January, according to Hellenic Shipping News.
“The entire sector is suffering from those problems because of delays in the finance ministry disbursing budgets to the corporation for this year,” Sanalla pointed out, in a statement from the NOC. “This slowdown will create negative consequences for the whole sector leading to a large decline in the level of production once more and a negative impact on development projects in the oil sector,” he added.