Libya to re-open key southern oilfield

Tripoli Libya's National Oil Company said on Thursday it will re-open a southern oil field and resume production within 48 hours, after announcing a resumption of exports in the eastern oil crescent. The NOC announced"the lifting of force majeure" at the Al-Fil field, in place since February 23, in a statement on its website. Production would resume at an initial rate of"50,000 bpd (barrels per day) within two days and (rise) to 72,000 bpd three days later", the NOC added. Force majeure is a legal measure that frees a company from contractual obligations due to circumstances beyond its control.