Economy
Libya Reopens Sharara-Zawiya Valve, Restoring Crude Flows
Libya's National Oil Corporation reopened valve 7 on the Sharara-Zawiya pipeline Saturday, restoring crude flows after a four-day shutdown caused over $75 million in losses.
The National Oil Corporation (NOC) announced on Saturday that it had reopened valve number 7 on the Sharara-Zawiya pipeline. This action marks the resumption of pumping operations, with crude oil flows gradually returning to normal levels following the line’s closure several days prior, as reported by Reuters.
Pipeline Crisis and Production Impact
The crisis began when valve number 7 on the Sharara crude transport line was closed. This blockage led to increased pressure within the pipeline and a significant drop in output from the field, which stands among Libya’s largest oil producers. The NOC stated that the initial closure resulted in a loss of approximately 130,000 barrels per day. The corporation warned that continued suspension of crude flow would lead to further operational and production losses.
Daily Losses and Financial Toll
Data released by the NOC detailed the daily impact on the field’s production. On Monday, September 21, the daily loss stood at 129,085 barrels. By Tuesday, this figure rose to 259,349 barrels, before settling at 235,983 barrels on Wednesday. Thursday, September 24, recorded a loss of 237,937 barrels.
Over the four-day period of the shutdown, the cumulative loss reached 720,362 barrels of crude oil. Direct financial losses incurred by the corporation during this timeframe exceeded $75 million as of September 24.
