Tag Archives | oil production

Libyan Oil Revenues down 21% in February

By John Lee. February income from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, was $1.26 billion – a more than $330 million (-21%) month-on-month decrease. The drop in oil revenue is attributed to adverse weather conditions affecting exports from the Es Sider port, in addition […]

Libya’s Oil Output may Hit 6-Year High

By John Lee. Libya’s oil output is on track this month to hit an almost six-year high, according to a report from Bloomberg. Following the resumption of production at the Sharara field, the county’s largest, Libya is reported to be pumping 1.17 million barrels of crude a day. More here. (Source: Bloomberg)

Libyan Oil Production “Highest in 5 Years”

By John Lee. Libyan oil output recovered sharply last year, according to a report from Platts. It quotes National Oil Corporation (NOC) chairman Mustafa Sanalla as telling a Chatham House event on Tuesday: “We achieved our highest production and revenue levels for the past five years … with $24.4 billion transferred to the Libyan Central […]

Additional Capacity Added at Faregh Oilfield

By John Lee. Waha Oil Company (WOC), a subsidiary of the National Oil Corporation (NOC), has completed preparations on another horizontal well in the Faregh oil field ahead of the planned start of second-phase experimental gas production by the end of the first quarter of 2019. Initial tests indicate that the B B-14-59 well is […]

Libya “Plans to more than Double Oil Output”

By John Lee. Libya reportedly plans to more than double its oil production by 2021. According to Reuters, National Oil Company (NOC) chairman Mustafa Sanalla told a news conference that output would reach 2.1 million barrels per day (bpd) if security and stability are strengthened. Current output is around 953,000 bpd, less than its pre-civil […]

NOC Records Highest Annual Revenue since 2013

The National Oil Corporation (NOC) recorded an average production of 1.107 million barrels per day in 2018 and total revenues of 24.4 billion USD – a five year high and 78% year-on-year increase. NOC chairman, Eng. Mustafa Sanalla presented the 2018 financial data and NOC subsidiary plans for the coming year during a press conference […]

Libya breaks 2018 Monthly Oil Revenue Record

The National Oil Corporation (NOC) declares that October income from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, was 2.87 billion USD – the highest year-to-date monthly total of 2018. This represents an increase of 1.21 billion USD (+73%) from the September figure. 2018 total projected […]