Libya’s National Oil Corporation (NOC) welcomed the proposals from both Libya’s internationally recognized government and General Haftar’s troops to end a seven-month oil blockade, according to Reuters.
The company said in a statement: “NOC reiterates its call for all oil facilities to be freed from military occupation to ensure the security and safety of its workers. Once this has been done, NOC should be able to lift force majeure and re-commence oil export operations.”
The revenue generated from the oil production will be securely stored in a special bank account until a political deal is reached.
The NOC is currently working on trying to provide a ship to empty condensate tanks in eastern Libya following the announcement that the authorities would allow oil and gas shipments to help ease the power supply shortage.
The blockade was imposed by the eastern-based Libyan National Army (LNA) and its allies in January, reducing Libya’s oil production from around 1.2 million barrels per day (mmbbl/d) to less than 100,000 bbl/d. The NOC estimates losses at more than $8 billion.