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Power cuts reduce Libya’s June oil revenues: NOC

By Sami Zaptia.

(Logo: NOC).

London, 17 July 2019:

Libya’s state National Oil Corporation (NOC) today reported a June income of US$ 1.7 billion from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts.
The NOC says this is a month-on-month decrease of US$ 580 million or 25 per cent. As a result, the NOC said that the half-year recorded oil and gas revenues for 2019 amounted to US$ 10.3 billion, which is a year-on-year decrease of 11.25 percent.
The NOC said that June’s oil revenues were affected by a two-week power outage, with NOC subsidiary Arabian Gulf Oil Company (AGOCO) in the east of the country losing 70,000 barrels per day from total production.
NOC chairman, Mustafa Sanalla said that “NOC could add up to 400,000 barrels to production through critical infrastructure upgrades, advancing outstanding deals, and attracting new investment.
To do this we need sufficient budget and to not operate against a backdrop of ongoing conflict. Attempts to undermine our work through disinformation, attacks on facilities, or efforts to illegally export have been near-constant, including by the parallel institution. The indivisibility of the oil sector is crucial for the preservation of national unity – there is but one NOC.
“Despite a promising tripling of petrochemical revenues, financing remains an issue to ensure stable and sustainable production. We urge the Ministry of Planning to fast-track budget approval for key infrastructure and the development of both discovered and undeveloped projects. This will allow NOC to continue to grow national oil and gas revenues and meet the critical energy supply needs of the country,” Sanalla added.
In Libya’s polarized political climate, the NOC reminded that it reports financial data every month, in accordance with what it referrs to as “its good governance policy and international transparency standards”.


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