The state-owned National Oil Corporation (NOC) of Libya said that Sharara oilfield, the largest in the country, has been reopened after it was closed by tribal leaders in January.
"NOC confirms the return of production at the Sharara oilfield south of the country, after lengthy negotiations by the NOC to reopen the Hamada valve, which had been illegally closed in January," NOC said in a statement.
NOC said production will start at a capacity of 30,000 barrels per day, with the full capacity production expected within 90 days due to the damages resulted by shutdown.
"The Libyan economy has suffered enough from the illegal blockades, and we hope that the restart of production at the Sharara oilfield will be the first step to revive the Libyan oil and gas sector and prevent an economic collapse in Libya," said NOC chairman Mustafa Sanalla.
Tribal leaders in eastern Libya closed oil ports and fields in January, accusing the Tripoli-based UN-backed government of using oil revenues to support armed groups against the eastern-based army, Xinhua reported.
The closure of the oilfields and ports have caused losses of more than 5.2 billion U.S. dollars so far, NOC confirmed.
Libya's largest oil field reopened
7215 views
