Libya’s National Oil Company (NOC) has announced the lifting of a force majeure on all facilities and ports that are deemed safe, according to a press release.
The NOC issued some clear instructions for the resumption of business: companies operating in all sedimentary basins will carry out their duties and resume production and exports from safe fields and ports. Secondly, if there is any hint of armed forces in or around the facilities, then the force majeure still applies.
Mostafa Sanallah, CEO of NOC, said, “Our main concern is to start production and exports, considering the safety of workers and operations, as well as preventing any attempts to politicize the national oil sector.”
As of a month ago, the eastern forces’ blockade of oil exports has cost $8.36 billion in lost revenue for Libya so far this year.