Libya has officially resumed production at its El Sharara and El-Feel oil fields – with total crude output recovering to 1.1 million barrels per day (bpd) – following the closure of export terminals from the two fields due to armed protesters.
The El Sharara field is Libya’s largest field and produces 290,000 bpd alone. According to the National Oil Corporation, the closure of both fields resulted in the loss of 330,000 bpd and more than $34.7 million in revenue per day.
Libya has faced ongoing political conflict and the on and off closure of several of its key oil terminals over the past twenty-four months. Nevertheless, the country, which is home to Africa’s largest oil reserves, is seeking to return production to 1.4 million bpd.