Libya’s August oil revenues down $ 450 m due to security issues

By Sami Zaptia.

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London, 28 October 2018:

Libya’s National Oil Corporation (NOC) revealed that monthly oil and gas revenues for August were just over 1.57 billion USD – a drop of nearly 455 million USD from the previous month.

The NOC said that the fall in August revenues is attributable to the continued state of ‘force majeure’ in the first half of July at the Gulf of Sirte oil terminals – originally declared in the second half of June 2018.

The NOC said oil production was also affected by what it called “ongoing security challenges” at Sharara. Total revenue loss during this period amounted to a staggering US $ 639 million, the BOX reported.

Libya’s national oil corporation expects September’s revenues to return to normal levels following what it called healthy advanced spot sales and on-target production.

The NOC said it continues to call for all approved government budget arrangements and expenditures to be published; to enhance transparency, build public trust – and ensure the fair distribution of oil revenues across the country.

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