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Libyan Civil War Could Drive Away Energy Investment

One thing that keeps uniting the warring factions in the spilling-out-of-control civil war in Libya is crude oil revenues. Despite falling from a high of 1.7 mbd shortly before the toppling of Colonel Qadaffi, oil production hovers around 600,000 bpd today, which is still enough to pay for the subsidies and salaries of workers. Surprisingly, the National Oil Company (NOC), selling the crude abroad mostly to Italy, Spain and France, and the central bank, where the oil revenue is deposited, have been able to preserve their independence and continue to execute long-term oil contracts and transferring salaries and subsidies to all parts of the country. However, the General National Congress (GNC), the Islamist government controlling Tripoli and the west of the country, has been pressuring the NOC not to comply with orders by the internationally-recognized government in Beida.

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By Martin Vladimirov

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