Libya’s NOC: Oil revenue in August drops by 5%
Libya’s National Oil Corporation (NOC) said on Wednesday that August revenues dropped to around $2 billion, a 5% decline from July.
The company attributed the drop to the sabotage of the main pipeline of the El Sharara oil field and Zawiya refinery in August. El Sharara, the country’s largest field, had to shut down repeatedly due to protests by tribesmen and oil workers.
NOC revenues stood at $2.1 billion in July. However, the NOC said in its statement that production is expected to drop severely if the government continues to not provide the needed budget.
“Libyan oil production will be reduced by hundreds of thousands of barrels per day, which will have a negative impact on national income,” NOC Chairman Mustafa Sanallah said.
Production can be increased “if operational budgets are provided,” he added.
The NOC also said the country’s U.N.-backed government “gradually reduced the approved budget of the Corporation and its companies twice,” without prior notice.