NOC Welcomes Oil Resumption Proposal, Calls for Military Withdrawal

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On Friday, the Libyan National Oil Corporation (NOC) welcomed proposals from the Libyan Parliament Speaker, Ageela Saleh, and the Prime Minister of the Government of National Accord (GNA) Fayez Al-Sarraj. The two politicians’ proposals plan to lift a seven-month oil blockade and place revenues in an independent bank account, until a political deal is reached.

“The NOC reiterates its call for all oil facilities to be freed from military occupation, to ensure the security and safety of its workers. Once this has been done, the NOC should be able to lift the force majeure, and re-commence oil export operations”, it said in a statement.

The Tripoli-based NOC also said it was undertaking “all possible efforts to provide a ship to empty the condensate tanks” in eastern Libya. This is after authorities agreed to allow a shipment of oil and gas products to ease a power supply crisis.

The blockade was imposed by the eastern-based Libyan National Army (LNA) in January. This reduced Libya’s oil production from around 1.2 million barrels per day to less than 100,000. The NOC estimates its losses at more than 8 billion USD.

The LNA said earlier this week that shipments from blockaded ports would be limited to those needed to offload stored products. Production of gas needed at power stations will also be allowed.