Libya Generates $700.4M from Oil, Gas in November

Libya has announced it generated $700.4m in revenues from export crude oil, gas and condensate in November.

The Libyan National Oil Company (NOC), in a statement on Saturday, said the figure showed an increase of 204 per cent when compared to revenues generated in October.

It added that the increase it reflects the rapid recovery of the sector.

In the statement, NOC said that the $700.4 million revenue included revenues from crude oil exports, gas and condensate exports, petroleum product exports and petrochemical exports.

The NOC indicated that export revenues in November 2019 amounted to about $1.660 bn, a decrease of 57.8 per cent. compared to the same month last year.

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It said about $37.54m has been recovered, representing debts from previous years from oil investment holding companies.

NOC said “all revenues” are in its accounts at the Libyan Foreign Bank, including all subsequent transactions and settlements, noting that it has been publishing all oil revenue data on a monthly basis since January 2018 to ensure transparency.

Libya has been exempted by the Organization of the Petroleum Exporting Countries (OPEC) from the quota to reduce its oil production, along with Iran and Venezuela, “due to the exceptional circumstances that these countries are going through”.

Libya resumed oil exports in September, following an interruption of about nine months, rival administrations struck a ceasefire deal. The North African nation has reached in record time the previous production average of 1.25 million barrels per day.

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