Libya's NOC Plans To Increase Daily Oil Production To 800,000 Barrels In 2 Weeks

The Libyan National Oil Corporation (NOC) announced on Friday it planned increase in oil production to 800,000 barrels per day in two weeks and to over 1 million barrels per day in four weeks after lifting force majeure at major fields and ports

CAIRO (UrduPoint News / Sputnik - 23rd October, 2020) The Libyan National Oil Corporation (NOC) announced on Friday it planned increase in oil production to 800,000 barrels per day in two weeks and to over 1 million barrels per day in four weeks after lifting force majeure at major fields and ports.

"As production resumes from Waha and Harouge fields, production level will reach 800 thousand bbl./day during two weeks and will exceed one million barrels in four weeks. The production of gas feeding power-generating units in Zueitina and north of Benghazi will also increase," the company said in a statement on Facebook.

It is noted that "non-obtaining the adequate financial allocations during these weeks to pay for the debts accrued in the oil sector and the required budgets to implement the maintenance and repairs operations, the results of blockades throughout the year 2020, prevent from the possibility of sustaining the mentioned-above production levels and at any case getting production levels to those that exist before the blockades will not be possible.

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Earlier in the day, the NOC announced the termination of force majeure regime at the oil ports of Sidra and Ras Lanuf. On October 11, the force majeure was lifted at the country's largest oil field, El Sharara. Most of Libya's oil fields and ports were last closed since January due to the blockade of oil facilities amid hostilities.

The country's central bank previously estimated losses from periodic suspension of oil production and exports from Libya from 2013 to 2020 at $180 billion.