Libya's NOC: Oil revenues exceeded $20 billion until the end of November 2019

Libya's NOC: Oil revenues exceeded $20 billion until the end of November 2019

January 07, 2020 - 20:20
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Written By: AbdulkaderAssad

The National Oil Corporation (NOC) reported on Monday that November 2019 revenues reached approximately 1.8 billion USD, a decrease of around 410 million USD (19%) on October 2019 revenues and a decrease of 613 million USD (25%) compared with November 2018.

"This takes total revenues in 2019 until the end of November 2019 to more than 20.3 billion USD." The NOC said in a statement.

It added that the revenues come from sales of natural gas, crude oil and assorted derivative products, in addition to taxes and royalties received from concession contracts.

Meanwhile, the Chairman of NOC, Mustafa Sanallah said despite adverse conditions, NOC is on track to hit its production increase and revenue generation targets, with oil and gas condensate production volumes consistent at 1.23 million b/d in November, compared to 1.22 million b/d in October.

"The decrease in November 2019 revenues compared to last year was mainly due to a drop in the oil price. The difference in revenues between October and November this year was principally because revenues from some October shipments were collected early. November’s figure was also affected by bad weather." The NOC said.

NOC added that it embraces transparency as one of Corporation’s key values, and has reported monthly revenues dating back to January 2018, setting a standard for other Libyan institutions.

"NOC pays all revenues from sales of oil and gas products to the Central Bank and receives its operating and capital budgets from the Ministries of Finance and Planning, disbursed by the Central Bank." It explained.