Libya’s National Oil Corporation (NOC) recorded May income of $2.3bn from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts – a monthly increase of approximately $448mn, or 24%.
Revenue figures were bolstered by sustained global oil prices, in addition to a busy crude loading schedule at the end of April resulting in cargo receipts both arriving and clearing in May’s revenue statement.
“These figures showcase the importance of a unified oil sector and its contribution to the economy,” said NOC Chairman Mustafa Sanalla. “Our focus on crude production, despite ongoing security challenges, continues to bring success with over $725mn having been spent on exploration and drilling since 2018.
“Oil revenues are the lifeblood of the Libyan economy. Any forced interruption of our work will undoubtedly impact our ability to maintain production and finance essential basic services. Despite repeated warnings, corporation facilities and operations are being directly targeted by conflict. NOC condemns all attempts to militarise national energy infrastructure.”
