Libya’s March oil revenues up 20 percent to US$ 1.5 bn largely to Sharara reopening: NOC

By Sami Zaptia.

(Photo: NOC).

London, 28 April 2019:

Libya’s National Oil Corporation (NOC) reported yesterday an increase of 20 percent (US$ 270 million) in oil revenues for the month of March to over US$ 1.5 billion. The figure includes revenues from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts.

The Corporation said that the improved March revenues were largely attributable to the end of the three-month armed blockade and lifting of force majeure at the Sharara oil field on March 4, 2019.

Commenting on the latest numbers, the NOC chairman, Mustafa Sanalla said the “March figures are a welcome return to more familiar monthly revenue levels. The latest outbreak of hostilities, however, pose a serious threat to our operations, production and the national economy.

Non-essential staff living and working near conflict areas have been ordered to stay at home. Possible fuel shortages will also impact both the civilian population and NOC operations. The corporation is gravely concerned about the threat to national energy infrastructure and attempts to use NOC facilities and equipment for military purposes. NOC calls for an immediate cessation of hostilities.”

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