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Libya's State Oil Firm Lifts Force Majeure to Restart Production at Largest Oil Field

Sputnik News

11:29 GMT 11.10.2020

MOSCOW (Sputnik) - Libya's National Oil Corporation (NOC) said on Sunday that it was lifting the state of force majeure over the al-Sharara oil field, the largest in the country, and restarting production.

"The National Oil Corporation announces the lifting of force majeure as of Sunday, 11 October 2020, and indeed instructions have been given to the operator, Acacus, to initiate production arrangements, taking into account the standards of security, public safety and safety of operations," the company said in a statement.

Most of Libya's oil fields and ports have been last closed since January due to ongoing hostilities in the country, which saw the rigs become a primary target for attacks. Earlier in the week, Libyan Central Bank Governor Sadiq al-Kabir said that the periodic suspension of oil production and exports from Libya between 2013 and 2020 led to losses in excess of $180 billion.

The sealing of a ceasefire and ongoing peace talks between the warring Libyan sides has allowed for a gradual normalization of life in the war-torn country.

© Sputnik

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