Oil operations resume at Nafura field as NOC lifts force majeure on new ports

Oil operations resume at Nafura field as NOC lifts force majeure on new ports

October 25, 2020 - 13:40
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Written By: SafaAlharathy

The Arabian Gulf Oil Company (Agoco), based in Benghazi, announced on Saturday the resumption of operations at the Nafoura field after the National Oil Corporation (NOC) lifted on Friday the force majeure status on the ports of Sidra and Ras Lanuf.

The company confirmed in a statement that preparations are underway to restart the field and resume production operations to pump crude through pipelines to Ras Lanuf Port.

Agoco -a subsidiary of the state-owned NOC- manages eight oil and gas fields, with a production capacity of more than 400 thousand barrels of crude oil per day, and more than 110 million cubic feet of gas per day, in addition to its possession of two oil refineries.

The NOC explained on Friday that its decision to lift the force majeure status on the ports of Sidra and Ras Lanuf came after receiving confirmations that the foreign forces had left the ports area, which enables it to perform its oil operations and resume exports.

The NOC's statement indicated that output would reach 800,000 barrels per day (bpd) within two weeks and 1 million bpd in four weeks. However, it did note that it is unlikely -at least in the short run- to recoup the production levels to those that exist before the blockades.

An illegal closure was imposed on Libyan crude output and exports at the behest of Haftar last January until it was lifted in September, following a permanent cease-fire agreement between the GNA and Haftar.