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Libya’s NOC says December oil revenues reach “record level” of $1B

TRIPOLI – The National Oil Corporation (NOC) announced on Saturday that the “general revenue for December 2020 of sales of crude oil, gas, condensates, petroleum products and petrochemicals have reached to record levels, reaching a level of 1,115,210,431.95 U.S. dollars”

NOC said that these revenues “do not include taxes, royalties, and payments have been made for natural gas purchases to the domestic market from Waha Oil’s partners, which amounted to 13.6 U.S. million dollars.”
The December 2020 revenues will be deposited in the NOC’s account in the Libyan Foreign Bank following its dispute with the Central Bank of Libya (CBL)
“The NOC and its companies and its workers have struggled in various areas of its operations over the past months to achieve this income by increasing production rates at record times,” NOC quoted its chairman Mustafa Sanalla as saying.
“However, it warns that January exports will decrease due to the reduction of Waha Oil Company’s production by 200,000 barrels per day until the completion of the maintenance works,” he added. “Also, maintenance teams are seeking to reduce the expected duration to the minimum limits, all due to the lack of budgets related to the maintenance of the NOC’s assets, which reflects negatively on the revenues of January.”
The December 2020 revenues will be deposited in the NOC’s account in the Libyan Foreign Bank following its dispute with the Central Bank of Libya (CBL).
“Despite the confusion and bureaucracy of some decision-making circles in the state, on monetizing the urgent budgets that are still pending. The NOC will deal with these challenges out of its sense of responsibility towards the average citizen and urge the other state institutions to be responsible and implement wise measures for the service of the nation,” Sanalla said.

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