Data from Libya’s Ministry of Finance revealed that oil revenues and its derivatives amount to 69% of the total public finances. This equals to LYD 33.38 billion, during the period from 1 January to 31 May of this year.
The Finance Ministry’s data, detailing the budget, indicated that the total state revenues amounted to LYD 46.70 billion.
The ministry clarified that tax revenues and royalties on oil companies came second, constituting 27% of the total, and amounting to LYD 13.32 billion.
The ministry stated that the remaining percentage of the public financial resources was distributed as follows: 3% for other sovereign revenues, amounting to LYD 1.19 billion, and 1% representing the remaining balances of the accounts for previous years, amounting to LYD 704.62 million.
Days ago, Libya’s High Council for Energy Affairs has discussed the National Oil Corporation’s (NOC) plan to increase oil and gas production.
The Supreme Council of Energy is chaired by Prime Minister, Abdel-Hamid Dbaiba. The Council includes the Minister of Oil and Gas, the Chairman of the NOC, the Governor of the Central Bank of Libya (CBL), the Head of the Audit Bureau, the Ministers of Planning, Finance, Economy and Trade, the Chairman of the Renewable Energy Agency, and Chairman of the General Electricity Company of Libya (GECOL).
The meeting reviewed the ongoing projects in subsidiaries, and international partnerships with international houses of expertise in gas exploration, alternative energy, and the fight against carbon emissions.
Dbaiba praised the “efforts of workers in the oil sector to revive a number of stalled projects implemented through local competencies. Most important of these stalled projects is the maintenance of the Mellitah complex, and the operation of the Ras Lanuf complex, which has been suspended for years.”
The meeting affirmed the need to “unify the efforts of all state institutions in the oil and gas sector, in order to increase oil and gas production, and develop cooperation and partnership with international companies.” The council also confirmed the need to “increase disclosure and transparency of all operational and supply expenses.”
