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Monday, November 9, 2020
Libya’s National Oil Corporation (NOC) announced that it managed to raise production rates to 1,036,035 barrels a day. NOC also reported an upward trend in revenue for October, although just a fraction of its October 2019 revenue.
October 2020 revenue was $230.2 million, compared to $2 billion in October 2019, as the established crude oil sales recorded $179.9 million, $42.1 million from gas and condensate sales, and $8.1 million from product sales.
The state oil firm accredited the uptick in production to its employees throughout the country who managed to accomplish this achievement through their intensified and exceptional efforts under very difficult circumstances, particularly the current financial circumstances that the sector goes through.
The National Oil Corporation faces significant financial difficulties and a huge budget shortage which has led to an accumulation of debt to the sector’s companies and significant delays in paying the salaries of its service companies.
The Chairman of the Board of Directors of the National Oil Corporation, Eng. Mustafa Sanallah, said, “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.
NOC also asserted that it may not be able to sustain the current production levels and these levels may be reduced or totally ceased under the reluctance of some entities and their hindering of NOC’s efforts to increase production and restore the prosperity of the national economy.
NOC will continue to update the status going forward.
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