Libya on track for Highest Oil Revenues since 2013

The National Oil Corporation (NOC) has announced year-to-date revenue for 2018 (January to the end of July) of 13.6 billion USD.

Notwithstanding the recent Gulf of Sirte crisis and other national operational challenges, NOC 2018 year-to-date revenue has already eclipsed the 2017 total (13 billion USD). Should the corporation be allowed to continue its work unhindered, 2018 total projected revenue is estimated at 23.4 billion USD – an 80% year on year increase.

According to NOC chairman Mustafa Sanalla:

“Despite ongoing challenges in the sector, combined product portfolio revenues bear testament to NOC’s production performance in recent times, including a 2018 peak of 1.3 million barrels of oil in February. We continue to drive performance across our operations and fuel the Libyan economic recovery. NOC staff should feel very proud of this achievement.”

NOC has no role however in the distribution of budgets and revenues – in accordance with the legal financial mechanism applied before 2011. NOC itself receives its budget from the Ministry of Finance – as do all other entities financed from public funds. The corporation’s primary mandate is the exploration, production and sale of crude and petroleum products.

‏Sanalla added:

I have repeatedly demanded the fair distribution of national oil revenues and called for transparency across government in this regard. This is one of the most important issues facing our country. We are publishing our year-to-date revenue figures in the spirit of transparency, and will henceforth seek to adopt key principles of the Extractive Industries Transparency Initiative financial reporting standard. NOC will ensure it is the governance benchmark against which other Libyan institutions will measure their performance.

“I renew my call on the Ministry of Finance and Central Bank to publish detailed approved budgetary arrangements and expenditure. Through these measures and this level of transparency, all Libyan citizens will have the ability to see how every dinar and of their oil wealth is spent.

(Source: NOC)

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