The Libyan National Oil Corporation (NOC) announced the return of production at the Sharara oil field south of the country, which is the largest oilfield in Libya.
The NOC said Sunday that the resumption of Sharara oil production came after lengthy negotiations by the NOC to reopen the Hamada valve, which had been illegally closed last January.
NOC Chairman, Mustafa Sanallah, said the Libyan economy has suffered enough from the illegal blockades and that everyone has much to do, as the NOC hopes that the restart of production at the Sharara oil field will be a first step to reviving the Libyan oil and gas sector and preventing an economic collapse in Libya in these difficult times.
"The first production phase will start at a capacity of 30,000 barrels/day. Production at the field is expected to return to full capacity within 90 days due to the damages resulted by very long shutdown." NOC remarked.
Meanwhile, a source from the Petroleum Facilities Guard said El Feel oilfield had been reopened after the valve linking it to Mellitah Oil Complex was reopened.
The NOC said the illegal blockade for a period of 142 days cost the public treasury losses worth over five billion dollars.