Libyan energy revenue dips to $2.4 bn

Author: 
daniel fountain
ID: 
1546031816048439600
Sat, 2018-12-29 00:28

REUTERS DUBAI: Libya’s oil and gas revenue dipped to $2.4
billion in November from $2.87 billion in October, but full-year
revenue is expected to surge by 76 percent to $24.2 billion, state
oil firm NOC said on Friday.
Although lower than the previous month, November revenue was the
third-highest monthly figure in 2018, NOC said.
Despite security problems that have affected output from Libyan
oilfields, NOC’s revenue has been boosted this year by higher oil
prices and production.
Libya currently produces about 1.15 million barrels per day of
oil.
“NOC will continue to drive the economic recovery and provide the
funds necessary to ensure a fair distribution of wealth and
economic justice across the country,” Mustafa Sanalla, NOC
chairman, said in a statement.
Last week, NOC declared force majeure at its biggest oil field
after it was taken over on Dec. 8 by tribesmen, armed protesters
and state guards demanding salary payments and development
funds.
NOC and the internationally recognized government agreed on a
security plan this week to protect the Sharara field, including
setting up green zones to stop anyone entering without a
permit.
“We are also working hard to implement agreed security measures
at Sharara so operations and production can resume as soon as
possible,” Sanalla said.

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Source: FS – All-News-Economy
Libyan energy revenue dips to .4 bn