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