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· The Tripoli-based National Oil Corporation will commence its oil production shortly
· The National Oil Corporation used to produce 1 million barrels each day
· In a month’s time, the oil fields under the corporation will give that output if things go as scheduled
Libya will restart its major oil fields in the aftermath of the historic ceasefire of the civil war. The Tripoli-based National Oil Corporation will commence its oil production shortly, which will boost the sagging Libyan economy in the midst of fights between two warring groups.
Importantly, the state energy firm lifted force majeure on exports from El Feel oil fields on Monday. Libya is a member of OPEC and since January this year, its oil fields did not witness any activity fearing attacks by rival groups. The National Oil Corporation used to produce 1 million barrels each day. In a month’s time, the oil fields under the corporation will give that output if things go as scheduled.
The oil rich country has been in chaos since 2011 since the death of longtime dictator Moamer Kadhafi. The North African country has Africa’s largest proven crude oil reserves. The country has been torn between two warring groups- the UN-recognized Government of National Accord (GNA) in Tripoli and Khalifa Haftar who backs a rival administration in the east. The truce between two groups monitored by the UN has given a respite from violence that gripped the country since 2011.
