Libyan oil production rises to 1.2 million barrels per day

Libya's oil production volume has increased to 1.2 million barrels per day, the Libyan National Oil Corporation (NOC) said, Report informs via Al Arabiya.

The total oil production in Libya rose to 1.2 million barrels per day from 1.045 million barrels last Friday, NOC said.

On January 11, NOC announced the cancellation of the force majeure regime in relation to oil exports from the El Feel, El Wafa and El Hamada fields, as well as the largest El Sharara field. Three weeks earlier, work on them was suspended after the oil fields were blocked by the so-called formations for the protection of oil facilities (Petroleum Facilities Guards). This resulted in the country losing more than 300,000 of its typically produced 1.2 million barrels daily.

El Sharara is managed by Akakus Oil Operations, a joint venture of NOC and a group of European companies, including Spanish Repsol, Austrian OMV and French Total.

The fields were unblocked after successful negotiations between Petroleum Facilities Guards and the authorities, who promised to comply with their demands.