NOC: Oil revenues in January crossed the milestone of 1.4 billion

Despite a lack of government funding, Libya's oil sector continues to thrive by breaking records in revenue and production

The chairman of the NOC credited the efforts of all the workers at the cooperation for continuing to break records despite a stark lack of resources and funding. [Photo: Internet]
Libya’s National Oil Corporation (NOC) this week released their revenues for January from the sales of crude oil, gas, condensate, petroleum and petrochemicals products.

In total, the revenues reached $1,409,093,619.13 US dollars, the highest it ever been since the lifting of force measure on oil facilities late in 2020.

The record-shattering revenues have been deposited into the NOC’s account at the Libyan Foreign Bank, in accordance with the temporary arrangement currently in place.

“The NOC, its companies and its workers in various fields of operations have struggled over the past months to achieve this income by increasing production rates at record times.” Said the company chairman, Mustafa Sanalla in a statement crediting the workers and their ongoing efforts to bring back Libya’s oil production to pre-blockade levels.

The statement added that the NOC has not received any government funding in 2021 and continues to facilitate its operations through special arrangements with banks.

The NOC added that it ” “reserves the full right to hold official authorities accountable that have violated their obligations.”

“Despite the confusion and bureaucracy of some decision-making circles in the state who are trying to liquefy the necessary and urgent budgets that are still pending, the NOC is dealing with these challenges out of its sense of national responsibility towards the citizen,” said the statement.

The NOC concluded by calling on other government agencies to be responsible and practice their patriotic duties and fulfil their tasks in service of the homeland to prevent the collapse of vital facilities in the light of the COVID-19 pandemic.

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