The National Oil Corporation (NOC) reported on Friday that its hydrocarbon revenues reached $116.9 million in September. The NOC explained that this is a significant reduction compared to the revenues for September 2019, which amounted to $ 1.7 billion.
The company specified that $83.9 million came from the sale of crude oil, with the rest ($33 million) coming from gas and condensate sales.
The NOC pointed out that the revenues for the month of September reflect sales of the month of August as well, during which the ports remained closed due to the embargo.
The NOC’s statement explained that hydrocarbon revenues in October recorded a slight increase of $113.3 million compared to September 2020. This is because exports began on 24 September with the lifting of Force Majeure at the ports of Al-Hariga and Brega. This allowed stored quantities of oil to be loaded on tankers for exports.
The NOC noted that October’s revenue was $230.2 million dollars, compared to $2 billion dollars in October 2019. This is made up of $179.9 million dollars from crude oil sales, $42.1 million from gas and condensate sales, and $8.1 million from product sales.
The company has reiterated its full commitment to the highest standards of transparency, in all its business operations. In fact, its statement says, “To guarantee such transparency, the NOC has published all data related to oil revenues on a monthly basis since January 2018. It will continue to rigorously fulfil its commitments to provide Libyan authorities, and the public with a thorough and complete accounting of all revenues and deposits.”