Photo credit: Al-fil oilfield, Libya Photo source: Reuters
Libya’s National Oil Corporation (NOC) has announced it has restarted production at the Al-Fil oilfield with initial output of 12,000 barrels per day. The NOC said it will return to full capacity of 70,000 bPD within 14 days.
The NOC has given a statement on Monday that the resumption of production at the Al-Fil field and the lifting of force majeure over crude exports from Al-Sharara and Al-Fil.
A force majeure is a legal provision that exempts companies from meeting contractual obligations because of events beyond their control. Libya’s NOC has used the instrument repeatedly in recent years due to fighting over oilfields and export terminals.
NOC’s announcement came a day after output resumed at the country’s largest oil field, Al-Sharara, following a string of victories against renegade General Khalifa Haftar. Libya relies on oil exports for almost all of its state revenues and has Africa’s richest proven crude reserves. Interruptions to oil exports have cost the Libyan treasury billions of dollars in the last few years.
Data source: National Oil Corporation Report
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