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Libyan oil revenues increase in 2018

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Staff Writer | September 7, 2018
Libya oil
Energy   The Libyan oil revenues are expected to be $23.4 billion

Libya's state-owned National Oil Corporation (NOC) on Thursday announced that the country's oil revenues have increased in 2018.

"Notwithstanding the recent Gulf of Sirte crisis and other national operational challenges, NOC 2018 year-to-date revenue has already eclipsed the 2017 total ($13 billion)," NOC said in a statement.

Oil is the main source of income in Libya. The sector has suffered since the 2011 uprising that toppled former leader Gaddafi's regime, due to armed conflict and closure of oilfields and ports by armed groups for years.

The Libyan oil revenues are expected to be $23.4 billion, "should the corporation be allowed to continue its work unhindered," the statement said.

"Despite ongoing challenges in the sector, combined product portfolio revenues bear testament to NOC's production performance in recent times, including a 2018 peak of 1.3 million barrels of oil in February. We continue to drive performance across our operations and fuel the Libyan economic recovery," said NOC chairman Mustafa Sanalla.

Sanalla called on Libyan authorities to "publish detailed approved budgetary arrangements and expenditure. Through these measures and this level of transparency, all Libyan citizens will have the ability to see how every dinar and of their oil wealth is spent."


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