By John Lee.
The National Oil Corporation (NOC) has recorded July 2019 income of 2.1 billion USD from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts – a month-on-month increase of 403 million USD (+23%).
This month’s figures were inflated by a busy crude loading schedule at the end of June resulting in cargo receipts both arriving and clearing in July’s revenue statement.
NOC chairman, Eng. Mustafa Sanalla commented:
“In spite of month-on-month growth, Libya’s oil sector remains vulnerable to security shocks. Two separate security incidents on the Sharara pipeline lowered revenue receipts.
“Oil and gas revenues contribute over 92% of Libya’s budget. This has been achieved despite less than 58% of our annual requested budget being approved and received.
"Libya’s energy sector and security infrastructure must be appropriately financed to ensure it is insulated from the ongoing conflict and can continue to fund basic services across the country.”