Libya’s National Oil Company (NOC) declared that oil and gas revenues in November declined to be $2.4 billion, down from $2.87 billion in October, the company announced on December 28.
Despite the reduced revenue, November’s returns is the highest monthly figure in 2018 and the full-year revenue is anticipated to rise by 76%, NOC said.
“NOC will continue to drive the economic recovery and provide the funds necessary to ensure a fair distribution of wealth and economic justice across the country,” Mustafa Sanallah, NOC Chairman, said in a statement.
Currently, Libya’s oil production from is around 1.15 million barrels per day (b/d). The production level is affected by security problems, Reuters reported.
NOC announced keeping the Sharara oilfield closed despite pressure from officials to pay off the protesters who shut it down. In cooperation with the government, a security plan has been settled to protect the 315,000 b/d produced from the oilfield.
“We are also working hard to implement agreed security measures at Sharara, so operations and production can resume as soon as possible,” Sanalla said.