Libya lifts force majeure on largest Oilfield

TRIPOLI: The state-owned National Oil Corporation (NOC) of the UN-backed Libyan government lifted the state of force majeure on Sharara oilfield, the country’s largest oilfield.
“The National Oil Corporation announces that it has reached an honorary agreement, according to which the Petroleum Facilities Guard is obligated to end all obstacles facing the Sharara field, and ensure that there are no security breaches and that the NOC can lift the state of force majeure and resume production in the Sharara oilfield,” the NOC said in a statement.
“Accordingly, the National Oil Corporation announces lifting of the state of force majeure as of Sunday. Indeed, instructions have been given to the operator, Akakus Company, to initiate production arrangements, taking into account the standards of security, public safety, and safety of the operations,” the statement said.
In September, the NOC announced lifting the state of force majeure on the country’s “safe oilfields and ports” after the eastern-based army agreed to resume oil production and exports with conditions. Demanding fair distribution of the oil revenues, the eastern-based army since January has been blocking oil production and exports, Libya’s main source of income.
The oil blockade brought down the daily crude oil production from more than 1.2 million to just around 100,000 barrels. –Agencies