March Oil Revenues Up

Libya’s National Oil Corporation (NOC) has reported that its income for March was over 1.5 billion USD from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts – a monthly increase of approximately 270 million USD (+20%).

Improved March revenues were largely attributable to the end of the three-month armed blockade and lifting of force majeure at the Sharara oil field on March 4, 2019.

NOC chairman, Eng. Mustafa Sanalla said:

March figures are a welcome return to more familiar monthly revenue levels. The latest outbreak of hostilities, however, pose a serious threat to our operations, production and the national economy. Non-essential staff living and working near conflict areas have been ordered to stay at home.

“Possible fuel shortages will also impact both the civilian population and NOC operations. The corporation is gravely concerned about the threat to national energy infrastructure and attempts to use NOC facilities and equipment for military purposes. NOC calls for an immediate cessation of hostilities.

(Source: National Oil Corporation)

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