Libya's NOC Announces Lifting Of Force Majeure Permitting Production, Exports

Libya's NOC Announces Lifting of Force Majeure Permitting Production, Exports

BEIRUT (UrduPoint News / Sputnik - 20th September, 2020) Libya's National Oil Corporation (NOC) has announced on Saturday that it will lift the force majeure currently in place, permitting the production and export of oil from designated safe sites.

"The force majeure is being lifted at all safe oilfields and ports. The orders have been communicated to all operating organizations, as well as to the administrations associated with the national oil structures. They must take up their direct responsibilities and begin production and export," the NOC said in a statement.

The emergency measures will remain in force at sites where armed groups are present and interfering with operations, the NOC added.

The Libyan National Army (LNA) said on Friday that it had reached an agreement with the rival Government of National Accord and tribal factions to conditionally lift a blockade of Libya's oilfields and terminals, allowing producers to export oil so long as revenues are divided.

The blockade was initially implemented by the LNA in January, amid an escalation in violence between Libya's warring parties. According to the NOC, the losses incurred from the blockade totaled $9.8 billion as of September.