Despite an impossible year, Libyan oil ended 2020 with over a billion dollars in revenue

Libyan oil continues to break records in its impressive recovery after a year of blockades and struggle to remain afloat

Libyan oil will continue to be exempt from OPEC production cuts until it reaches 1.7 million barrels per day. [Photo: Internet]
Libya’s National Oil Corporation announced that revenues of Libyan Oil and Gas exceeded a billion dollars in December of 2020.

In an official statement, the NOC announced that revenues for December reached record levels with revenues from sales of crude oil, gas, condensates, petroleum products, and petrochemicals exceeding $1 billion.

The NOC chairman Mustafa Sanalla noted that the company’s employees despite being underfunded and dealing with the damages the war has left on the facilities have worked tirelessly and struggled in various areas of operations to achieve this level of income at a record speed.

The statement also added the revenues do not include taxes, royalties, and payments made for natural gas purchases to the domestic market from Waha Oil’s partners, which amounted to USD 13.6 million.

Sanalla warned that because Waha’s largest oil pipeline was down for maintenance for a majority of January, revenues will decrease but now that the pipeline has been repaired, the return of 200,000 barrels per day will make up for losses in February.

He concluded by stating that despite the lack of funding and urgent budget problems the NOC is facing in the state, it will tackle these challenges head-on with a sense of responsibility towards the average citizen and urge the other state institutions to be responsible and implement wise measures for the service of the nation.

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