The Libyan National Oil Company (NOC) announced on March 4 lifting force majeure at el Sharara oilfield, Reuters reported.
The 315,000 barrels per day (b/d) oilfield was restarted with an expected regular output during the next days, according to the NOC.
“Plans are also in place to repair the 20,000 b/d lost production capacity destroyed by looting and vandalism during the blockade,” NOC said in a statement.
Closing the oilfield caused production losses of $1.8 billion.
Additionally, resuming the field work ends the conflict between the NOC and the Libyan national army (LNA) because the NOC’s Chairman Mustafa Sanalla refused to reopen it until the armed groups leave the field.
The restoration of the oilfield sheds light on the role of the United Arab Emirates (UAE) in Libya as the UAE hosted a Libyan meeting that discussed the reopening issue of el Sharara oilfield.