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The political breakthrough that has paved the way for a revival of the country’s oil sector has yet to translate into higher production volumes.
The end of a year-long blockade of key oil ports and the restart of the country’s biggest oilfield have yet to impact on Libyan crude output, which has remained unchanged since the political obstacles to a production surge have been removed.
On 6 July, state-owned National Oil Corporation (NOC) lifted force majeure at the key Ras Lanuf and Es Sider export terminals that had been occupied by militia since last July. The Political Bureau of Cyrenaica (PBC), a self-declared regional government for eastern Libya, last week agreed to hand back control of the ports to the central government in Tripoli. Two days later, NOC announced that the 340,000 b/d Sharara oil field is resuming operations after tribesmen ended protests that had halted the pipeline flows between the field and export facilities on the coast. (CONTINUED - 1131 WORDS)