Oil Revenue could rise 76% YoY

The National Oil Corporation (NOC) has declared that November income from sales of crude oil, derived products, and taxes and royalties received from concession contracts was approximately 2.4 billion USD – the third highest monthly total of 2018.

However, the figure is down from the 2.87 billion USD sold in October.

Total projected revenue for the year is estimated at 24.2 billion USD – a 76% year-on-year increase.

NOC chairman Mustafa Sanalla commented:

The corporation’s achievements are for the benefit of all Libyans. NOC will continue to drive the economic recovery and provide the funds necessary to ensure a fair distribution of wealth and economic justice across the country.

“We are also working hard to implement agreed security measures at Sharara so operations and production can resume as soon as possible. Pending the implementation of key reforms by the government to the local Petroleum Facilities Guard, we will re-open the field. NOC must be enabled to continue its role unhindered.”

(Source: National Oil Corporation)

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