Libya has forgone more than $68bn in potential oil revenues since 2013 amid a power struggle between rival factions that has brought the energy industry to a near standstill and wrecked the economy. The estimate by the Tripoli-based National Oil Corporation (NOC) accounts for the value of lost production as a result of 75 separate oilfield shutdowns and port disruptions. It offers another measure of the missed opportunity and dysfunction plaguing Libya since the downfall of Muammer Gaddafi in 2011 and the battle between two competing governments. “The economy is in a very critical situation,” Mustafa Sanalla, chairman of the state-run NOC, told the Financial Times. “Relations between the two governments are really very bad and it has crippled the oil industry.” Local protests, infrastructure problems and attacks by Isis militants have also contributed, Mr Sanalla said. A 75 per cent fall in world oil prices since mid-2014 means the shrinking stream of crude that Libya has been able to export has brought in less revenue.