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Libya’s October oil revenue over 230 million, NOC says

Libya’s National Oil Corporation reported Friday that the total oil revenues for September 2020 amounted to $116.9 million, registering a significant decline compared to the revenues for September of 2019, which amounted to $1.7 billion, as crude oil sales recorded $83.9 million,. adding that gas and condensate sales reached only $33 million.

The NOC noted that the revenues for the month of September reflect sales of the month of August, in which the ports were suffering from forced closures.

“Whereas oil revenues recorded a slight increase during the month of October 2020, after the status of Force Majeure was lifted at the ports of Al-Hrega and Brega.” The NOC explained.

It indicated that October’s revenue was $230.2 million, compared to $2 billion in October 2019, as the established crude oil sales recorded $179.9 million, $2.1 million from gas and condensate sales, and $8.1 million from product sales.

The NOC reiterated its full commitment to the highest standards of transparency in all its business operations.

“At the direction of relevant Libyan authorities and consistent with its domestic and international legal obligations, the NOC deposits all such revenues in its account at the Libyan Foreign Bank. Issues related to the budget process and ultimate management of Libya’s finances are political matters that are outside the NOC’s mandate, and the NOC, as a technical and apolitical institution, will discharge its responsibilities at the direction of executive authorities.” The NOC explained.

“We have started actual and serious work and we expect a significant increase in revenues during the months of November and December. And this is a result of the gradual return to natural production and reaching the desired rates, but we are facing a challenge represented in the scarcity of the budget allocated to the sector.” The Chairman of the NOC Mustafa Sanalla said.

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