Libyan Oil Revenues for Sept and Oct

Libya's National Oil Corporation (NOC) reports that the total oil revenues for September of this year amounted to $ 116.9 million, registering a significant decline compared to the revenues for September of last year 2019, which amounted to $ 1.7 billion, as crude oil sales recorded $ 83.9 million.

Only US $ 33 million of gas and condensate sales. It is noteworthy that the revenues for the month of September reflect sales of the month of August, in which the ports were suffering from forced closures.

Whereas oil revenues recorded a slight increase during the month of October 2020, after the status of Force Majeure was lifted at the ports of Al-Hrega and Brega. In which exports began from Thursday, September 24, and then at intervals to the rest of the oil fields and ports, during which the stored quantities were loaded, which explains record revenues during October (slightly exceeded that of September 2020, by about $ 113.3 million).

October's revenue was 230.2 million US dollars, compared to 2 billion US dollars in October 2019, as the established crude oil sales recorded 179.9 million US dollars, 42.1 million US dollars from gas and condensate sales, and 8.1 million US dollars from product sales.

The NOC reiterates its full commitment to the highest standards of transparency in all its business operations.  To guarantee such transparency, the NOC has published all data related to oil revenues on a monthly basis since January 2018, and the NOC will continue to rigorously fulfil its commitments to provide Libyan authorities and the public with a thorough and complete accounting of all revenues and deposits.

At the direction of relevant Libyan authorities and consistent with its domestic and international legal obligations, the NOC deposits all such revenues in its account at the Libyan Foreign Bank.  Issues related to the budget process and ultimate management of Libya's finances are political matters that are outside the NOC's mandate, and the NOC, as a technical and apolitical institution, will discharge its responsibilities at the direction of executive authorities.

The Chairman of the Board of Directors of the National Oil Corporation, Eng. Mustafa Sanallah, said in this regard, "We have started actual and serious work and we expect a significant increase in revenues during the months of November and December. And this is a result of the gradual return to natural production and reaching the desired rates, but we are facing a challenge represented in the scarcity of the budget allocated to the sector." Which undoubtedly affects the maintenance of regular production hopes.

(Source: NOC)

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