Libya’s National Oil Corporation’s (NOC) top officials have agreed on the sought after unification of its management and have put an end to the rivalry over who has the legal right to manage the oil exports of the country, Reuters reported. Oil observers said that the agreement could double the current oil output over 700,000 b/d, after it had slashed to 200,000 b/d in May, following the Marsa al Hariga port dispute.

According to a statement published on NOC’s website, Mustafa Sanalla, the Head of Tripoli-based NOC, will stay its chairman, while Al-Maghrabi, from the eastern NOC, will join the corporation’s board of directors, Fortune wrote.

Sanalla commented on the reached deal in a statement, saying: “This agreement will send a very strong signal to the Libyan people and to the international community that the Presidency Council is able to deliver consensus and reconciliation.” For his part, Al-Maghrabi said that Libya had made a strategic choice to put its divisions behind it.

NOC will submit periodic reports to special committees of both institutions, according to the statement.

In addition, the two parties also agreed on a unified budget for the remainder of the financial year 2016 and it took steps to address any imbalances resulting from the period of division.

The agreement makes the rebuilding of Benghazi city a priority and NOC will work towards relocating its headquarters to the city in due time. The parties aim at holding their ordinary meetings in Benghazi provided that the security situation permits it.