Rising Oil Prices bolster April Revenues

The National Oil Corporation (NOC) has reported a 22-percent increase in income for April.

The company said it received “1.87 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 340 million USD (+22%)“.

Revenue figures were bolstered by a rise in global crude oil prices, in addition to a busy crude loading schedule at the end of March; resulting in cargo receipts both arriving and clearing in April’s revenue statement.

NOC chairman, Eng. Mustafa Sanalla commented on current operational challenges:

NOC’s five-year strategy and focus remain on increasing production and national oil revenues. The corporation has mitigated many conflict-related risks and maintained production through the implementation of a robust operational and crisis response plan.
 
“The situation, however, remains extremely volatile. Protracted conflict will undoubtedly disrupt national operations, either directly, or via a security vacuum that extremists take advantage of – as demonstrated by the Zellah terrorist attack. The corporation is already experiencing logistical difficulties regarding supplies and our ability to rotate shift workers.

“NOC reaffirms its call for an immediate cessation of hostilities and condemns all attempts to militarise national energy infrastructure.

NOC rejects all attempts to portray the corporation as a party to the conflict. Attempts at disinformation to justify the illegal export of oil will be met with the strongest legal response. All national oil revenue is transferred to the Libyan Central Bank and transparently disclosed on a monthly basis. NOC is proud of its internationally-recognised adoption of transparency standards that serve as a benchmark for all Libyan institutions.

(Source: NOC)

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