Libyan Oil Revenues Up 204% in November


The National Oil Corporation (NOC) announced that export revenues in November 2020 amounted to $700,421,887.47.

This represents an increase in revenue of about 204% compared to October 2020 but still remains much lower than the $1,660,115,142.09 USD of revenues registered in November 2019.

A detailed rundown of revenues shows that, for November 2020, the NOC earned $619,052,899.87 in crude oil, $72,945,069.47 in gas and condensates, $8,591,642.70 in petroleum products and $732,275.43 in petrochemicals.

The NOC pointed out that a total of $37,542,524.00 had been collected from previous years of debts from the Oil Investment Holding Company. All revenues are in the NOC’s accounts at the Libyan Foreign Bank, including all subsequent operations and settlements (partners and third parties’ rights).

The company explained that it has been publishing all data on oil revenues on a monthly basis since January 2018 in order to ensure the principle of transparency.

In its previous statement, the NOC reported that October’s revenue was $230.2 million dollars, compared to $2 billion in October 2019. This October 2020 revenue was made up of $179.9 million in crude oil sales, $42.1 million in gas and condensate sales, and $8.1 million in petroleum product sales.