Libya’s National Oil Company (NOC) has said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.
NOC, according to a NOC post on Facebook, carried by The Libya Observer, is also proceeding with arranging for oil tankers to start arriving from Wednesday to ship crude from oil ports that are safe and not occupied by armed groups.
NOC said crude shipments will resume from the ports of Brega and Hariga at first and will be later followed by other ports, depending on the safety and security situation.
Over the weekend, Libya’s state oil corporation lifted the force majeure on the oil terminals it considered safe and said it would restart production from certain fields and some exports of crude oil. NOC will only restart production at “safe” fields and exports from safe ports, the company said.
NOC’s chairman Mustafa Sanalla said, “Our main concern is to start production and exports taking into account the safety of workers and operations, as well as to prevent any attempts to politicize the national oil sector, which means that the NOC is doing its technical and non-political mission to resume operations in the safe areas and technical evaluation is underway in preparation for the start of production and exports,”.
The head of the Libyan National Army (LNA), General Khalifa Haftar, whose troops, with help from affiliated groups, blockaded Libya’s oil ports in January, announced the end of the blockade on Friday.
The prospect of Libyan oil returning to the oil market struggling with weak demand recovery contributed to the sell-off in oil on Monday.