Libya's NOC Announces Lifting Force Majeure on El Sharara Oil Field

On Sunday, the Libyan National Oil Corporation (NOC) announced the lifting of the force majeure imposed on El Sharara field, starting today.

In a statement, the corporation said that it had instructed the operator, Acacaus, to initiate production arrangements, taking into account safety and public safety standards and process safety.

The NOC added that it had reached an agreement whereby the Petroleum Facilities Guards were obligated to end all obstacles facing the El Sharara field and to ensure that there were no security breaches.

It is noteworthy that the NOC, under the auspices of the United Nations Mission in Libya, addressed the issue of security arrangements for oil fields and ports in the Hurghada meetings this month.

"The Hurghada meetings have contributed positively to overcoming the difficulties and obstacles facing the stability of operations in the Sharara field and its affiliated stations," NOC said.

The NOC pledged to adhere to adopt "professional and non-political constants" in any arrangements related to tasks and responsibilities affecting its competence, affirming that disposing of oil revenues is a matter for the executive authority in the country.

In September, leader of Libya National Army (LNA) Field Marshal Khalifa Haftar, announced the resumption of oil production and export "as long as it is not used to finance terrorism."

Following Haftar decision, the NOC lifted the force majeure on some oil fields. The NOC has said the fields will produce about 3000,000 barrels per day during the next weeks. Notably, Libya's average daily oil production was more than 1.2 million barrels per day before the blockade.