Libya’s oil, gas revenues up 21pc in October

TRIPOLI (Xinhua) – State-owned National Oil Corporation (NOC) of Libya last Sunday said that the country’s oil and gas revenues in October have increased by 21 per cent from September.

The NOC reported that in October 2019, the revenues reached approximately USD2.2 billion, it said in a statement.

The revenues are results of sales of crude oil, hydrocarbon liquids and oil, and petrochemical derivative products, in addition to taxes and royalties received from concession contracts.

“Despite significant security challenges on the ground and a drop in oil prices, NOC delivered increased revenues in October through uninterrupted production and higher sales,” said NOC Chairman Mustafa Sanalla.

The oil sector, the country’s main source of income, has suffered tremendously due to armed attacks on its oil fields and ports.

Libya has been mired in violence and political instability ever since the fall of the late leader Muammar Gadhafi’s government in 2011.