NOC: Oil revenues this year exceeded $20 billion until the end of November 2019

NOC’s revenues come from sales of natural gas, crude oil and assorted derivative products, in addition to taxes and royalties received from concession contracts.

NOC Chairman Mustafa Sanalla said: “Overall, despite adverse conditions, NOC is on track to hit its production increase and revenue generation targets, with oil and gas condensate production volumes consistent at 1.23 million b/d in November, compared to 1.22 million b/d in October. The decrease in November 2019 revenues compared to last year was mainly due to a drop in the oil price.”

He added that the difference in revenues between October and November this year was principally because revenues from some October shipments were collected early.

“November’s figure was also affected by bad weather. These revenues provide vital resources for the Libyan people and our continuity of supply contributes to global market stabilisation.” He indicated.

NOC added that it embraces transparency as one of Corporation’s key values, and has reported monthly revenues dating back to January 2018, setting a standard for other Libyan institutions.

NOC said it pays all revenues from sales of oil and gas products to the Central Bank and receives its operating and capital budgets from the Ministries of Finance and Planning, disbursed by the Central Bank.