Ahmad 
Informed Libyan sources revealed that the Libyan state has incurred financial losses estimated at tens of millions of dollars, as a result of the forced cessation of oil well production in the fields of “Sinaoun” and “Tahara”.
These two oil fields have been managed by the Arabian Gulf Oil Company since the fifth of July 2022, as a result of non-payment of the debts of the foreign company contracted with it in the operation of these fields.
According to the sources, several contracts were signed between the Arabian Gulf Oil Company and the branch of the Swiss company “SGS Golf” in Libya, which included that the Swiss company would supply, install, and operate early production units.
The sources also report that the Swiss company “SGS Golf” in Libya demanded the payment of the outstanding values, but the Arabian Gulf Oil Company did not pay these values, and although the company “SGS” continued to implement its contractual obligations, the Gulf Company did not commit to pay.
Due to the non-payment of debts owed by the Arabian Gulf Oil Company, financial losses accumulated, which led to serious damage to the financial position of SGS, and due to the crisis financial situation, the parent company decided to stop the work of its branch in Libya and lay off national cadres.
The suspension of work on the wells of the Sinawan and Al-Tahara fields, which belong to the Arabian Gulf Oil Company, affected heavy financial losses, as these losses amounted to $ 270 million until November 30, 2023.