Revenues from exports of crude oil and its derivatives amounted to $ 347.1 million during the months of September and October, a significant decline from the same period during the year 2019, according to data published by the National Oil Corporation (NOC), on Friday.
The NOC said in a statement that the total oil revenues for the month of September “amounted to $ 116.9 million, registering a significant decline compared to the revenues of September 2019, which amounted to $ 1.7 billion.”
They also stated that it "recorded only $ 83.9 million from crude oil sales, and only $ 33 million from gas and condensate sales" during the month of September.
The NOC added that it “recorded a slight increase in revenues during the month of October after force majeure was lifted at Hariga and Brega ports on September 24. The month of October exceeded September revenues by about $ 113.3 million.
October's revenues amounted to $230.2 million, compared to $ 2 billion in October 2019
The Chairman of the Board of Directors of the NOC, Mustafa Sanallah, expected a significant increase in revenues during the months of November and December, as a result of the gradual return to natural production and reaching desired levels, but he cautioned that the corporation is facing a “challenge represented by the scarcity of the budget allocated to the sector, which undoubtedly affects maintaining regular production hopes."
Adding that the NOC has renewed its full commitment to the highest standards of transparency in all its operations, and said that it "has been publishing all data related to oil revenues on a monthly basis since January 2018."