By John Lee.
Libya’s National Oil Corporation (NOC) reported September 2019 revenues of approximately 1.8 billion USD, a decrease of 223 million USD (11%) compared with August, and an increase of 150 million USD (9%) compared with September last year.
NOC’s revenues come from sales of natural gas, crude oil and assorted derivative products, in addition to taxes and royalties received from concession contracts.
According to NOC Chairman Eng. Mustafa Sanalla:
“September saw significant oil market volatility – a stark reminder of the vulnerability of our industry to geopolitical events. Our strategy to increase production and upgrade storage capacity aims to support market stabilisation efforts.
“For example, we inaugurated a new tank at Ras Lanuf port in September, adding 500,000 barrel storage capacity that will help mitigate future emergencies.”
The month-on-month revenue decrease is mostly attributable to a busy crude loading schedule at the end of September, with cargo receipts to be reflected in October’s revenue statement.
NOC embraces transparency as one of Corporation’s key values, and has reported monthly revenues dating back to January 2018, setting a standard for other Libyan institutions.