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Last updateVen, 30 Jan 2015 11am


Oil: Production in al-Charara oil field resumes

Oil production resumed on Saturday in the oil field of al-Charara in the south after months of closure because of the protest movements held by local inhabitants, sources from the National oil company (NOC) said.

The resumption of production at the oil field with a capacity of 340,000 barrels per day comes a week after protesters lifted the blockade following a satisfaction in their demands by the government.

“Production has resumed since Sunday with a quantity of 42,000 barrels/day”, NOC spokesperson Mohamed al-Harairi, said in a press declaration, stressing that technical works were going on to restore the production capacity.

On Monday, the chairman of the government commission in charge of the talks with the protestors, Defence minister Abdallah al-Thni, reached a deal under which they will be granted a national identification number and also will benefit from the construction of a city hall.

The resumption of production in that oilfield to its full capacity will contribute to increase Libya’s production, which has dropped to less than 250,000 barrels/day to more than 500,000 barrels/day.

The drop in production of oil, Libya’s main source of revenue, has so far cost some 10 billion dollars.

The International Monetary Fund (IMF) says Libya's GDP will this year slump by more than 5%.

Pana 11/03/2014