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Libya’s oil and gas revenues fall by $455 million in August versus July

The Address | Benghazi – Libya

TRIPOLI – Libya’s oil and gas revenues fell to around $1.57 billion in August, down $455 million from the previous month, National Oil Corporation NOC said on Friday, Reuters reported.

In a statement, the company blamed force majeure, a contractual waiver, in the so-called Oil Crescent region declared after fighting had shut down its al-Sidra and Ras Lanuf exports ports in June.

Production had been also hit by what NOC called ongoing security challenges at the western El Sharara field which gunmen had attacked in July, kidnapping two staff.

September’s revenues would be back to “normal levels following healthy advanced spot sales and on-target production,” NOC said, without giving a figure.

Libya is producing up to 1.3 million barrels a day (bpd) of oil, NOC chairman Mustafa Sanalla told Reuters on Wednesday.

Current production levels remain below the OPEC member’s pre-civil war pumping rate of around 1.6 million bpd, but are at their highest since mid-2013, according to Reuters estimates.

Protests, blockages by armed groups or staff and outbreaks of violence have frequently interrupted production in Libya since the toppling of Muammar Gaddafi.

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