Libya – Increasing in oil production after the lifting of force majeure in the Sharara oil field

Libya’s National Oil Company (NOC) has announced that the force majeure at Sharara oilfield has been lifted with immediate effect and that production has resumed since the October 11, 2020.

 This led Libya to record a significant increase in oil production compared to the beginning of this month, reaching 500 thousand barrels per day, by Thursday, October 15th, according to “Bloomberg” agency.

 Bloomberg, the leading agency in energy sector, said that the production of the Sharara field rose to about 110 thousand barrels per day, while the average exports during the first half of October reached about 385 thousand barrels per day.

 In its report, Bloomberg indicated that oil production in Libya is expected to reach one million barrels per day by March 2021, in case the stability in the oil fields and ports area continues.

 Eventually, NOC acknowledged the efforts made by both local and international parties and pledges to adhere to the professional and non-political constants.