Libyan state oil company (NOC) said it has lifted force majeure at the El Sharara oilfield on Monday. NOC said that production will resume within next few hours with regular output will be reached over the coming days. The 315,000 barrels a day field was closed in December when state guards and tribesmen seized it to make financial demands.
"Plans are also in place to repair the 20,000 barrels per day lost production capacity destroyed by looting and vandalism during the blockade," NOC said in a statement.
The closure of the field caused a production loss of $1.8 billion, it said.
NOC said that Sharara operating company Akakus had received written assurance from the eastern Libyan forces that all individuals subject to Public Prosecutor arrest warrants have been removed from the field and will not be re-admitted to the site.
"A safe and secure working environment is imperative to allow the oil to flow for the benefit of all Libyans," NOC Chairman Mustafa Sanalla was quoted as saying.