On Saturday, the Libyan National Oil Corporation (NOC) announced that the total oil revenues in August hit $1.9 billion, down from $2.1 billion in July.
In a statement, the NOC said that the revenues included $1.8 billion in crude oil sales and $53 million in gas and condensate sales.
It added that the net revenues of petroleum products amounted to $53.3 million in August, while petrochemicals revenues amounted to $3.1 million.
“It is reassuring to see a recovery in prices around the world, and we must seize this opportunity to rebuild this sector,” Mustafa Sanalla, the company’s Chief, stated.
According to the statement, the country aims to reach a production level of 1.5 million barrels per day (bpd) by the end of 2021.
Libya was producing 1.6 million bpd before the outbreak of civil war in 2011, which damaged the oil sector and reduced production to at least 100,000 bpd last year.
In March, Libya announced its intention to increase production to 1.45 million bpd by the end of this year, 1.6 million bpd within two years, and 2.1 million bpd within four years.
But as of August, production has remained mostly flat this year, sitting at 1.163 million bpd after numerous setbacks along its path toward a production ramp up.
Those setbacks include protests and other security-related issues—including faction infighting- and corroded pipelines that caused leaks. Budget constraints have also cut into production, derailing Libya’s ambitious plans to increase production.
The budget gaps—which could be filled in part by United States (US) companies coming on the scene—could go a long way to spurring on their oil production plans.
Notably, Libyan Oil Minister, Mohamed Aoun, said the country will struggle to sustain its current crude oil output if lawmakers don’t overcome a lengthy dispute, and pass the first unified nationwide budget in about seven years.
Libya is currently producing roughly 1.3 million bpd, with a target of 1.5 million by the end of 2022, according to the Minister.