Libya NOC announces 23% rise in oil and gas revenues during July

Alwasat - Cairo Mon 02 Sep 2019, 10:43 PM
alwasat radio

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.

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