NOC: Libya Lost $68 bln in Oil Revenue Since 2013
The drop in Libya's oil production in recent years as a result of unrest has resulted in $68 billion in lost revenue, National Oil Corp Chairman Mustafa Sanallah said on Monday.
The country's oil production was currently at 362,000 barrels per day, dropping from 400,000 bpd after a series of attacks by Islamic State militants on Libya's largest oil terminals last week further curtailed output, Sanallah said.
He blamed most of Libya's loss in oil revenue on Petroleum Facilities Guards which seized control over key export facilities of Zueitina, Ras Lanuf and Es Sider.
"We have calculated the damage and losses due to loss of production over the past three years at $68.4 billion. More of 70 percent of this is because of petroleum facilities guards in the whole country," Sanallah told Reuters.
Libya produced 1.6 million barrels per day before the uprising against its former leader Muammar Gaddafi.
"This problem caused a lot of damage to the country and has accelerated more with what we are seeing right now. This opened the door to terrorist groups to be in Libya ... They just controlled the oil for their benefits and personal interests and were not competent to protect our facilities in front of what is called ISIS."
Reporting by Ron Bousso
