Libya’s state owned oil company said Wednesday it has declared a force majeure for 11 oil fields that are now non-operational following attacks by suspected members of Islamic State.
Libya’s National Oil Corporation (NOC) said authorities in Tripoli, the country’s capital, failed to protect the assets from militia assaults.
The company said there has been “theft, looting, sabotage and destruction” at multiple fields despite its attempts to get authorities to bolster security efforts.
The NOC has declared a force majeure for the 11 fields and warned that shut downs are possible if security continues to be an issue, the AP said.
“If security deteriorates, the corporation will be forced to close all fields and ports, which will result in a total deficit in state revenues and directly impact people’s live, including with power outage,” the company said.
According to the NOC the 11 non-operational fields account for up to 30 percent of Libya’s total number oil fields.
Although Libya has one of the largest crude reserves in the world political tensions have prohibited the country from producing at full capacity since dictator Muammar Qaddafi was overthrown in 2011.
The country’s oil fields and ports have been the site of multiple attacks over the last few months as two rival parties fight for control of the oil rich nation.
The country’s oil production has fallen from a high of 1.6 million barrels per day to 500,000 barrels per day.