By Sami Zaptia.
London, 5 March 2019:
Libya’s National Oil Corporation (NOC) revealed that the country’s January revenues from the sales of crude oil, derived products, taxes and royalties received from concession contracts, was just over US$ 1.6 billion – a drop of 30 percent equivalent to more than US$ 680 million compared with the previous month.
The NOC noted that while 2018 represented a five-year revenue record, the year ended under difficult circumstances. It explained that a complex security situation in the south of Libya and a near three-month illegal armed blockade of Libya’s largest oil field – Sharara – which only ended on March 4, 2018 – has significantly affected oil revenues.
The NOC’s chairman, Mustafa Sanalla said that the “NOC will always prioritize the safety of its staff, but at the same time, we have worked tirelessly to pave the way for the restart of production at Sharara.
In lifting force majeure, it is our hope that all parties understand the importance of NOC being allowed to produce, unhindered, and free from political and military bargaining. Armed groups cannot be permitted to impair our national and economic recovery in this way again.”
Looking forward, the NOC, nevertheless, said that it will continue its work to identify and deliver new oil and gas production opportunities throughout 2019.
It reminded that it publishes its oil and gas revenues on a monthly basis in order to promote transparency and build public trust.