Libya's National Oil Corporation (NOC) said on Friday that the recent oilfield closures have caused the loss of approximately 63% of the country's total oil production.
Highlighting that the oil sector represents the backbone of the Libyan economy, NOC said restarting the halted oilfields will require huge costs and double technical efforts.
It emphasized that the "reasons that led to the oil closure have nothing to do with the National Oil Corporation," adding that the corporation's teams are assessing losses resulting from the closures.
The repeated shutdowns result in the loss of a large portion of the country's oil production, cause a deterioration of the sector’s infrastructure, and dissipate efforts to achieve the production increase plan, NOC added in its statement.
