By Sami Zaptia.
London, 28 July 2020:
NOC reports revenues for June 2020
Libya’s state National Oil Corporation (NOC) reported crude oil, gas (propane and butane) and condensates export revenues of US$45,552,578.87 million for June, which it said were the lowest recorded this year.
On 26 July the NOC had reported that the country’s political oil blockade had cost the country US$ 7.5 bn losses in potential oil revenues.
It said no revenues were earned from the sale of oil products for the sixth month in a row.
The NOC said falling production led to this large drop in revenues as refineries, oilfields and ports were shut down as a result of the illegal blockade. The revenues of gas (propane and butane) and condensates sales also suffered a sharp decline in June. Average monthly revenues fell to US$ 8,997,305.35 million, again the lowest this year.
NOC Chairman Mustafa Sanalla commented: “The Libyan state continues to suffer heavy losses in its daily oil and gas production for the sixth month in a row. The illegal oil blockade has had disastrous effects on our national economy and damaged the living standards of Libyans. Our reservoirs are suffering permanent damage, and stagnant fluids are corroding our pipelines, which will cost us huge amounts to repair. We urge all Libyan parties to do everything possible to restart oil production as soon as possible to avoid further damage”.