The National Oil Corporation (NOC) has declared that monthly oil and gas revenues for August were just over 1.57 billion USD - a drop of nearly 455 million USD from the previous month.
The fall in August revenue is attributable to the continued state of 'force majeure' in the first half of July at the Gulf of Sirte oil terminals – originally declared in the second half of June 2018. Oil production was also affected by ongoing security challenges at Sharara. Total revenue loss during this period amounted to 639 million USD.
The National Oil Corporation expects September's revenues to return to normal levels following healthy advanced spot sales and on-target production. NOC continues to call for all approved government budget arrangements and expenditures to be published; to enhance transparency, build public trust - and ensure the fair distribution of oil revenues across the country.