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NOC Reports Oil Revenues for March 2020

Source: www.gulfoilandgas.com 4/27/2020, Location: Africa

National Oil Corporation (NOC) revenues amounted to $1.093 billion ($1,093,537,953) in March 2020, after collection of revenues from sales made in January.

Oil exports dropped 92.3% which caused huge losses to the national economy. Oil products also decreased to zero in March 2020 as a result of refineries being shut down due to the illegal blockade. Equally, natural gas production decreased by 200 million cubic feet per day after the valve shutdown in the region of Sidi Sayeh.

NOC Chairman Eng. Mustafa Sanalla commented: “The first quarter of 2020 was a huge decrease in revenues for Libya, as a direct result of the illegal blockade of numerous oil and gas facilities. This is only part of the picture, as the corrosion in pipes caused by still oil and salt water is resulting in physical damage that will cost millions to fix when the crisis is over.

“Libyan people across the whole country are the ones who will feel the cost of this illegal blockade. The low revenue will simply delay further any government investment in public services, the national economy, and the foundations of future prosperity for Libya”, he added.

NOC embraces public transparency as a key principle and has publicly reported monthly revenues dating back to January 2018, setting a standard for other Libyan institutions to follow.

All NOC revenues from sales of oil and gas products are transferred to the Central Bank of Libya and NOC does not make decisions on how to spend the direct revenues it generates. NOC is dependent on budgets that are appointed by the government.

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