Libya: Oil production and export have finally resumed

The new president of the NOC Farhat Bengdara who succeeded Mustapha Sanalla, dismissed from office, lifted the state of force majeure on the oil and gas exploitation fields. All fields and ports would resume production and export this week.

The NOC said on July 18 that after about three months of disruption, all fields and ports would resume production and export this week. The lifting of the obstructions could restore hydrocarbon production estimated at 850,000 barrels per day in the coming weeks.

In this sense, the oil and gas company Mellitah declared that on July 19 it resumed its activities on the El Feel oil field, which made it possible to restore the operation of several electricity production units. Separately, the company said the production level has so far averaged 40,000 barrels per day (bpd) and will increase once all the wells open.

The new president of the NOC set out his vision of the future challenges of the public company

The new president of the National Oil Corporation, Farhat Bengdara, presented in his first speech his vision of the current challenges facing the NOC.

The leader said that future funding for the NOC will not necessarily come from the state budget. Indeed, F. Bengdara pointed out that the national company could issue bonds or take out loans from international institutions and/or international partners.

Other alternative avenues were mentioned, such as investments from the Libyan private sector. However, Farhat Bengdara revealed that the biggest challenge facing the NOC is the political instability in the country. The chairman said he would strive to keep the company away from political wrangling by being transparent in managing revenues.