October Oil/Gas Revenues up 21%

By John Lee.

Libya's National Oil Corporation (NOC) reported October 2019 revenues of approximately 2.2 billion USD, an increase of 381 million USD (21%) compared to September 2019 revenues.

NOC’s revenues come from sales of crude oil, hydrocarbon liquids and oil and petrochemical derivative products, in addition to taxes and royalties received from concession contracts.

According to NOC Chairman Eng. Mustafa Sanalla:

“Despite significant security challenges on the ground and a drop in oil prices, NOC delivered increased revenues in October through uninterrupted production and higher sales. These revenues provide vital resources for the Libyan people and our continuity of supply contributes towards market stabilization.” 

October 2019 revenues include cargo receipts carried over from a busy late September loading schedule.

NOC embraces transparency as one of the Corporation’s key values, and has reported monthly revenues since January 2018, setting a standard for other Libyan institutions.

(Source: National Oil Corporation)

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