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Libya`s National Oil Corporation (NOC) and German oil and gas company Wintershall have agreed an interim arrangement to resume production in Libya. the NOC said on Tuesday. a step forward in a dispute that was shutting in up to 160.000 barrels per day (bpd) of output.
NOC said the deal would allow production to begin immediately in Wintershall`s concession areas in eastern Libya. NC 96 and NC 97.
It said it was targeting an increase in national production to one million barrels per day (bpd) by the end of July from 830.000 bpd currently. following restarts at Wintershall`s fields and other fields where output has been blocked because of pipeline connections.
`The agreement allocates to Wintershall an amount of production sufficient to cover its costs. with all remaining production being allocated to NOC.` the NOC said in a statement.
`It also provides that during this interim arrangement. the parties will attempt to resolve their dispute regarding the legal framework governing the petroleum operations.`
