Tripoli, 3 September:
Libya will generate $54.9 billion in revenue from oil and gas this year, roughly equivalent to 68.7 billion Libyan . . .[restrict]Dinars, according to a statement from the National Oil Corporation (NOC).
This figure was first suggested in March, when it was announced that the country’s annual budget was set at $55.3 billion, and would therefore be heavily reliant on the forecasted $54.9 billion in oil revenue.
It has been predicted based on an output of 1.35 million barrels per day, at an average price of $100 per barrel.
The recent reopening of the Ras Lanuf Oil refinery will have a considerable impact on helping oil output to return to pre-revolutionary levels. When operating at full capacity, the refinery is thought to account for 58 per cent of the country’s oil output. Having reopened less than a week ago, the plant is currently running at half capacity. [/restrict]