Tag Archives | oil revenues

Blockade has cost Libya almost $10bn

The National Oil Corporation (NOC) has reported oil, gas and condensates export revenues of USD38.2 million in July 2020, a hugely damaging drop compared to USD2.1 billion in July 2019. This is the lowest one-month revenue figure recorded this year. NOC registered USD24.7 million from sales of crude oil, USD12.8 million from gas and condensate […]

Libya's June Oil Revenues for June "Lowest this Year"

The National Oil Corporation (NOC) reported crude oil, *gas (propane and butane)* and condensates export revenues of US$45,552,578.87 million for June, the lowest recorded this year. No revenues were earned from oil products sales for the sixth month in a row. Falling production led to this large drop in revenues as refineries, oilfields and ports […]

Libya loses $4bn from National Economy

By John Lee. The forced closure of many NOC facilities has resulted in the country losing revenue of over $4 billion. NOC chairman Eng. Mustafa Sanalla commented on the loss saying: "Libya is today $4 billion poorer than it would have been without the blockade. That is public funds that could have been invested into […]

Libyan Oil Revenues Collapse

The National Oil Corporation (NOC) has reported February 2020 revenues of approximately USD 555 million ($555,533,750.97), a decrease of around $1.21 billion USD (68.6%) on January 2020 revenues. The February figure is also a decrease of around $708 million (56%) compared with February last year. NOC's revenues come from sales of natural gas, crude oil […]

Austerity Measures due to Blockade of NOC Facilities

By John Lee. The National Oil Corporation (NOC) has said that it has implemented austerity measures due to what it described as the "continued illegal shut down of facilities". The corporation said it is yet to receive its 2020 budget  after more than 70 days of the new year which will force it and its […]

Oil Revenue Losses approach $2bn

By John Lee. This official notice summarises the situation across Libya for the oil and gas sector. Please beware of disinformation regarding the current fuel situation published by non-NOC sources. Please treat this report as the only source of accurate and updated information. Libya's National Oil Corporation (NOC) has said the production, transportation and supply […]

Port Blockage Costs Libya $1bn in Lost Oil Revenues

By John Lee. The National Oil Corporation (NOC) has announced a drop in production as a result of the blockade of ports and pipelines to the current level of 135,745 b/d, as of Monday February 17, 2020, with losses exceeding 1 billion USD at 1,616,886,132 USD. The NOC renews its call for all blockades to […]

19% Drop in Libyan Oil Revenues in January 2020

By John Lee. The National Oil Corporation (NOC) has reported January 2020 revenues of approximately 1.77 billion USD($1,768,879,320.49), a decrease of around 418 million USD (19% ) on December 2019 revenues and an increase ofaround 167million USD (10.4%) compared with January last year. NOC’s revenues come from sales of natural gas, crude oil and assorted […]