Libya’s National Oil Corporation (NOC) announced on Thursday that it is resuming full oil production, nearly two months after operations at its key oil fields were halted due to a political crisis. The NOC confirmed that production will restart at the Sharara and El-Feel oil fields and that exports from Es Sider, the country’s largest port, will also resume.
In August, the NOC had declared a “force majeure,” a legal clause allowing it to suspend contracts due to extraordinary circumstances. The shutdown was attributed to the Fezzan Movement, a local protest group, amid a broader dispute between rival authorities over governance of the central bank, which is responsible for distributing Libya’s oil revenues.
Recently, the political situation improved following the parliament’s appointment of a new governor to the central bank, alleviating some of the tensions. The NOC emphasized that it can now resume crude oil production and exports to its customers. Libya produces over 1.2 million barrels of oil per day, with Sharara being the largest field, producing up to 300,000 barrels daily.
RelatedPosts
The country has been engulfed in political turmoil since the 2011 NATO-backed uprising that led to the overthrow and death of former leader Muammar Gaddafi, resulting in a divided government supported by various militias and foreign powers.
