Libya’s NOC Revenues Rise 23% in July

Libya’s NOC Revenues Rise 23% in July

The Libyan National Oil Corporation (NOC) announced that its revenues rose to $2.1 billion in July, increasing by 23% compared with $1.73 billion in June, Reuters reported.

Revenues rose on the back of an increase in the number of crude oil shipments in the prior month, which were received and settled in July accounts.

Libya’s oil sector is still vulnerable to setbacks mainly related to the security challenges in the country, according to NOC Chairman, Mustafa Sanallah.

Disruptions in Libya’s Sharara oilfield and pipeline have negatively impacted Libyan oil production. In July, NOC declared a state of force majeure on crude oil loadings at Zawiya port, due to the suspension of work in the field, due to an unlawful valve closure of the Sharara pipeline.


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