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.

Source: Libya Today January 21, 2024 16:14 UTC