Libya’s oil and gas revenues have fallen to roughly $1.57 billion in August, a $445 million drop off from the previous month, the Libyan National Oil Company (NOC) announced on October 26, Reuters reported.
The company blamed a contractual waiver in the country’s so-called Oil Crescent region – stretching along the coast from Sirte to Ras Lanuf and down to the Jufra district – after fighting had closed the Es Sider and Ras Lanuf export hubs in June.
NOC production has also suffered due to “ongoing security challenges” in the western El Sharara field where gunmen attacked and kidnaped two staff members in June.
The company assured that September revenues would be back to “normal levels following healthy advanced spot sales and on-target production.”
NOC chairman Mustafa Sanalla told Reuters on October 24 that Libya is currently producing 1.3 million barrels per day (b/d) of crude.
Production levels are at their highest since mid-2013, according to Reuters estimates, but remain lower than pre-civil war rates of roughly 1.6 million b/d.