Libya’s NOC announces restart of production at Sharara oilfield

Libya’s National Oil Corporation on Sunday announced the resumption of crude production from the Sharara oilfield in the country’s south. The crude production facility, which was shut down on January 7 following protests by area residents demanding better infrastructure and economic opportunities, produces 300,000 barrels of oil a day. "NOC declares lifting of force majeure and resumption of full production from Sharara", the state-run energy company said in a Facebook post. Sharara field is vital to the future plans of NOC, which in October said it planned to increase its crude production to 2 million bpd over the next three to five years. Hydrocarbons make up about 95 per cent of Libya's exports and account for nearly 95 per cent of government revenue.