Libya: NOC confirms the resumption of activity in two oil fields

The National Oil Corporation (NOC), Libya’s national oil company, confirmed on Monday June 8 that production from the Sharara and El Feel fields has resumed following the withdrawal of forces from Khalifa Haftar, the dissident marshal who opposes the Tripoli-based Government of National Accord (GAN). According to the Reuters news agency, which quotes two NOC oil engineers, the El Feel oil field is currently producing 12,000 barrels a day, a level that is expected to rise to 70,000 barrels a day within 14 days. As for the Sharara field, production has resumed at 30,000 barrels per day, a volume that will be gradually increased to its full potential (300,000 barrels per day) over the next three months. This is certainly good news for Libya’s public finances: in its latest press release, the NOC pointed out that the collapse of hydrocarbon production and the closure of oil ports since the beginning of the year have caused the country to lose 5.3 billion dollars in revenue.