Libya’s oil and gas revenues rose to $2.1 billion in July -NOC
September 2019 – Tripoli, Sept 1 (Reuters) – Libya’s National Oil Corporation (NOC) said on Sunday that its revenues rose to $2.1 billion in July, up 23% from the previous month.
The company attributed the rise in revenues to an increase in the number of crude oil shipments in late June, which were received and settled in July accounts, NOC said in a statement.
NOC revenues in June totalled $1.73 billion.
While revenues increased in July, NOC chief Mustafa Sanallah said in the statement that “Libya’s oil sector is still vulnerable to setbacks mainly related to the deteriorating security situation inside the country”.
The sabotage of the El Sharara oil pipeline “has significantly reduced revenues,” he added.
El Sharara, the country’s largest field, had to shut down repeatedly due to protests by tribesmen and oil workers.
Libya, an OPEC member, has been in turmoil since the fall of Muammar Gaddafi in a NATO-backed uprising in 2011. (Reporting by Ahmed Elumami, Editing by Mahmoud Mourad and Susan Fenton)