Oil revenues drop 25% to $ 1.7 billion in June due to power cuts

Alwasat - Cairo Wed 17 Jul 2019, 10:02 PM
alwasat radio

Libya's National Oil Corporation (NOC) announced that June's revenues from sales of crude oil and its derivatives fell by 25% compared to May due to frequent power cuts.

The company said in a statement on Wednesday that revenues for the month of June in addition to taxes and royalties from the concession contracts amounted to $1.7 billion, a decrease of $580 million with recorded revenues of oil and gas registered in the first half of this year were $10.3 billion, a decrease of 11.2 % Compared to last year.

"Electricity problems significantly affected the oil revenues during June, which caused the Arabian Gulf Oil Company, an affiliate of the NOC, estimated production losses at about 70 thousand barrels per day in total production," the NOC chairman Mustafa Sanalla said in a statement.

"The National Oil Corporation can increase production by more than 400,000 barrels by developing infrastructure, moving ahead with outstanding deals and attracting new investments," added Sanalla.