NOC September oil revenues reach record levels driven by surge in world crude prices

By Sami Zaptia.

(Logo: NOC).

Tripoli, 20 October 2021:

Libya’s state National Oil Corporation (NOC) announced that the net revenues for the month of September 2021 from the sales of crude oil, gas, condensate, petroleum products and petrochemicals reached record levels, driven by a surge in prices around the world:

Crude oil sales: US$ 1,667,406,112.98

Gas and condensate sales: US$ 92,042,490.94.

Net revenues of oil products: of US$ 33,717,871.61

Petrochemical revenues: US$ 3,057,265.54 in addition to 5,277,821.72 in euros.

Total net revenue from oil sales in US dollars: US$ 1,796,223,741.07.

In this regard, NOC chairman Mustafa Sanalla commented:” “Everyone is happy. Production rates are wonderful, and the price boom is an important and encouraging sign. We expect a significant reduction in the deficit that the public budget has suffered for the last years, and we are optimistic that financial stability will contribute to creating an investment environment, especially in the infrastructure of the national oil sector.”

Sanalla added, “Despite all these good news, it must be admitted that the relationship of the National Oil Corporation with the Ministry of Oil and Gas has been marred by many problems, and these gains cannot be preserved without cooperation that is based on respect for the role of the National Oil Corporation. We will not allow for this role to regress or for NOC’s image to be distorted in the world. We adhere to the directives made by His Excellency the Prime Minister, which concluded the importance of cooperation and integration without overstepping one side on the expense of the other and predominating the public interest without selectivity or personalization of public affairs”.

The NOC said in the context of the its keenness to continue production and exports, and based on the full belief that the illegal closures only serve the interests of those with hidden agendas, Sanalla held a series of meetings in the eastern region that came to positive and constructive outcomes, indicating that all actors will spare no effort to do everything that would maintain the stability of production and the continuity of exports.

NOC Chairman concluded this statement by saying, “These announced visits were made with the knowledge and approval of the Prime Minister, and that His Excellency’s directives reflected his continued keenness on the importance of communication in the technical aspects related to the oil issue, as they are the compass of the path for the work of NOC and its subsidiaries.’’

The NOC’s revenues for the month of September do not include royalties and taxes, in addition to the fact that shipments of crude oil were transferred to the Ubari power station, which are charged to the General Electricity Company of Libya (GECOL), and their value was recorded in September at US$ 23,914,701.35.

The Mellitah Company was also supplied with quantities of crude oil for the purpose of generating electricity, at a value of US$ 3,263,565.42, which were charged to the company to be settled later.

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