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Home Business

Libya to generate $54.9 billion from oil & gas in 2012, says NOC

byAl Russell
September 3, 2012
Reading Time: 1 min read
A A

Tripoli, 3 September:

Libya will generate $54.9 billion in revenue from oil and gas this year, roughly equivalent to 68.7 billion Libyan . . .[restrict]Dinars, according to a statement from the National Oil Corporation (NOC).

This figure was first suggested in March, when it was announced that the country’s annual budget was set at $55.3 billion, and would therefore be heavily reliant on the forecasted $54.9 billion in oil revenue.

It has been predicted based on an output of 1.35 million barrels per day, at an average price of $100 per barrel.

The recent reopening of the Ras Lanuf Oil refinery will have a considerable impact on helping oil output to return to pre-revolutionary levels. When operating at full capacity, the refinery is thought to account for 58 per cent of the country’s oil output. Having reopened less than a week ago, the plant is currently running at half capacity. [/restrict]

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The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

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CBL reviews foreign assets totalling US$ 98.8 billion with investment return of US$ 2.2 billion to September

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