Libya’s Output Recovery Will Be Slow, Says NOC, as it Lifts Force Majeure

Libya’s National Oil Corporation lifted force majeure on crude exports from all its key terminals, paving the way for a gradual restart of its crude production, the state-owned company said on July 10. NOC, however, cautioned that the output recovery would take a long time “due to the significant damage to reservoirs and infrastructure” caused by the port blockade which had been in place since mid-January.

NOC had been in talks with regional countries and the Government of National Accord under the supervision of the UN and the US to restart oil output, and sources said a “temporary arrangement” had been agreed.

“For NOC, the work has just started. Our infrastructure has suffered lasting damage, and our focus now must be on maintenance and securing a budget for the work to be done”… 

View entirety: S&P Global Platts