NOC breaks 2018 monthly revenue record and projects a 73 percent increase

By Sami Zaptia.

Libya's NOC has reported record oil revenues for October and projects a 73 percent y-on-y revenue increase (Graph: NOC).

Libya’s NOC has reported record oil revenues for October and projects a 73 percent y-on-y revenue increase (Graph: NOC).

London, 30 November 2018:
Libya’s National Oil Corporation (NOC) has today reported that its October crude oil and derived products revenues, including taxes and royalties received from concession contracts, was US$ 2.87 billion.

This represents the highest year-to-date monthly total of 2018, and represents an increase of US$ 1.21 billion (+73%) from the September figure.

The NOC said that its total projected revenue for 2018 is estimated at US$ 23.7 billion, which equates to a 73 percent year-on-year increase.

However, the NOC pointed out that it should be noted that the sharp rise in monthly revenue is attributable to a busy crude loading schedule at the end of August resulting in cargo receipts arriving, and clearing in the October revenue statement.

NOC chairman Mustafa Sanalla said that the “NOC continues to maintain stable production, irrespective of ongoing national challenges, thanks to the dedication of its staff.

However, continuing his transparency mantra, Sanalla added, “Increased revenue deposits to the Central Bank (of Libya) demand further transparency from state actors on allocated budgets and spend across the country.”

The NOC highlighted the fact that it publishes monthly revenues “to enhance transparency and build public trust. The corporation will continue to advocate for the adoption of economic transparency at the heart of any lasting Libyan political agreement”.

It must be noted, however, that the NOC has much work to do itself in the area of transparency. There are calls for it to publish all its contracts with its foreign partners and to be more transparent in its tendering and contract awarding processes.

The Libyan Oil and Gas Council (LOGC), the body representing local Libyan private sector oil and gas related companies, has repeatedly called on the NOC to award more contracts to local Libyan companies.

It has called on the NOC to abandon the Qaddafi-era practice of using “technical know-how” and “experience” as an excuse to exclude local companies and award to foreign companies – in pursuit of commissions.

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