On Thursday, the Central Bank of Libya (CBL) announced that Libya’s total oil revenues rose to 5.9 billion Libyan dinars in January 2023.
In its monthly report, the CBL revealed that oil revenues recorded 4.7 billion dinars, while royalties amounted to LYD 1.1 billion, LYD 3 million dinars from tax revenues, and LYD 10 million from customs, in addition to other revenues at LYD 16 million.
In recent months, Libya’s oil sector has stabilised, and production has risen to 1.2 million barrels per day. The Minister of Oil and Gas, Mohamed Aoun expressed his hopes that “oil production will return to 2010 levels within two or three years.”
In the fourth quarter of 2022, a report by the International Monetary Fund stated that Libya will be the fastest-growing Arab economy in 2023. It is set to have a growth rate of 17.9%, compared to 3.9% for Arab states.
Libya’s total oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022, compared to 103.4 billion dinars ($21.5 billion) in 2021, the Central Bank of Libya (CBL) announced earlier this month.
Notably, the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, said last month that the Corporation is seeking to maintain the level of production and raise it to 2 million barrels within 3-5 years.
In press statements, Bengdara said that the NOC’s debts amounted to $1.5 billion dollars. He explained that revenues are paid to suppliers for gasoline and diesel, in order to supply power stations, and petrol stations.
In January, Italy’s state-run energy company ENI signed an $8 billion deal with Libya’s National Oil Corporation to develop two Libyan offshore gas fields as European nations seek to cut their dependence on Russian energy.
According to Reuters, the deal, signed during a visit to Tripoli by Italy’s Prime Minister, Giorgia Meloni, aims to increase gas output for the Libyan domestic market, as well as exports.
“This agreement will enable important investments in Libya’s energy sector, contributing to local development and job creation while strengthening Eni’s role as a leading operator in the country,” said Descalzi.
Notably, the Spokesman for the LNA, Major General Ahmed Al-Mismari claimed that “a conspiracy facing the country is being hatched outside of it, due to the greed of international parties seeking to dominate the country’s wealth, under different names such as agreements signed with major countries.”
CBL: Oil Revenues Record 4.7 Billion Dinars
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