Oil Exports Resume in Libya After Production Restored


On Monday, Libya’s National Oil Corporation said that preparations are now underway to export five tankers of crude oil, after the lifting of the force majeure on terminals and oil fields.

The NOC said in a statement that a tanker is scheduled to arrive at the terminal of Zueitina, to load one million barrels of Abutifal crude. Another tanker will arrive at Sedra terminal, between 19-20 July. In addition, two tankers will arrive at Ras Lanuf terminal on 20-21 July.

“There is also a tanker is scheduled to load 600,000 barrels of Brega crude during this period,” it added.

The NOC explained that these arrangements have been made in order to resume operations.

On Saturday, the NOC’s newly appointed Chairman Mustafa Bengadara announced the lifting of the force majeure on all Libyan fields.

Earlier, he told Bloomberg that “operations will run smoothly, and that the NOC will receive a budget of 35 billion Libyan dinars ($7.2 billion dollars) needed to upgrade oil facilities, and the salaries of employees will be raised.” The NOC’s previous Board of Directors will be treated “with all respect and appreciation” and won’t be changed in the current period, he added.

“They will be given a chance, but they have to work efficiently and fairly without personal loyalties,” he said.

He affirmed that the NOC will also “abide by all contracts with partners and will seek to develop our relationship with them, in order to increase production.”

“The Corporation aims to boost output to 3 million barrels a day within two years — if it can get enough government funding to develop fields and export terminals, and maintain infrastructure,” he said.

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