The National Oil Corporation (NOC) has declared that January revenues from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, was just over 1.6 billion USD – a drop of more than 680 million USD (-30%) compared with the previous month.
While 2018 represented a five-year revenue record for NOC, the year ended under difficult circumstances. A complex security situation in the South and near three-month illegal armed blockade of Libya’s largest oil field - Sharara – which only ended on March 4, 2018, has significantly affected oil revenues.
NOC chairman, Mustafa Sanalla said “NOC will always prioritize the safety of its staff, but at the same time, we have worked tirelessly to pave the way for the restart of production at Sharara. In lifting force majeure, it is our hope that all parties understand the importance of NOC being allowed to produce, unhindered, and free from political and military bargaining. Armed groups cannot be permitted to impair our national and economic recovery in this way again.”
NOC will continue its work to identify and deliver new oil and gas production opportunities throughout the year.