The lifting of the "force majeure" from the largest oil field in Libya

The Libyan Oil Corporation announced on Sunday the lifting of the status of "force majeure" in the country's largest Sharara oil field, after a nine-month closure.

The Sharara field is the largest oil field in Libya, and it produces more than 300 thousand barrels per day, and its production represents about a third of the Libyan production of crude.

The Oil Corporation said in a statement on its website, "We announce the lifting of force majeure from the El Sharara field as of today, and instructions have been given to initiate production arrangements, taking into account security and safety standards and process safety."

The Corporation affirmed that it had reached an "honor agreement" under which the Petroleum Facilities Guard was committed to ending all obstacles facing the field, to ensure that there were no security breaches.

She pointed out that "disposing of oil revenues is a matter for the executive authority in the country."

"Force Majeure" means a temporary suspension of work to meet the obligations and legal liability resulting from failure to fulfill oil contracts due to events beyond the control of the contracting parties.

The commander of the Libyan National Army, Field Marshal Khalifa Haftar, announced in the middle of last month the re-production and export of oil according to "conditions" that guarantee a fair distribution of its revenues, after the most important oil installations under the control of his forces remained closed for eight months.

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