Libya records ‘highest’ oil revenue in 5 years

Libya’s National Oil Corporation (NOC) yesterday announced that it had recorded $24.4 billion in revenues in 2018.

According to an official statement by NOC, the company’s total revenues for 2018 were 78 per cent higher than what was achieved in 2017, registering the highest earnings level in five years.

The average daily production, the statement pointed out, amounted to 1.107 million barrels per day.

“We [NOC] has achieved its highest levels of production and revenues since 2013,” NOC’s president Mustafa Sanalla told reports at a press conference in Libya’s portal city of Benghazi.

“NOC has managed to retain its independence and evade all national political differences, as well as frequent attempts to harm the company,” Sanalla added, stressing that he was “confident that Libya will be able to overcome difficult times.”

The Libyan official noted that the NOC was expanding and that some new oil companies would start operations across Libya “soon.”

Libya’s oil fields have gradually resumed production over the past year. The global increase in crude oil prices has also led to a jump in the country’s oil revenues.

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