National Oil Corporation sets the scene for an increase in exports
Libyas state-run National Oil Corporation (NOC) lifted force majeure from two of the countrys biggest oil terminals on Sunday, boosting optimism about an increase in exports.
El-Sider and Ras Lanuf are respectively Libyas biggest and third-biggest oil terminals and have a combined capacity of 560,000 barrels a day (b/d). The two ports had been closed for nearly a year due to extended blockades by militants in the countrys east.
The rebels ended their occupation of the ports with a handover ceremony on 2 July at Ras Lanuf, attended by rebel leader Ibrahim Jathran and acting Prime Minister Abdullah al-Thani.
Speaking at the ceremony, Al-Thani officially announced the end of Libyas oil crisis. Analysts remain concerned that there may be more disruptions to oil production in the near future due to political instability and continuing security problems.
Libyas current total oil output stands at 325,000 b/d, a fraction of the 1.4 million b/d it was exporting before the port blockades began.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.