Monthly Revenue Plummets: Libya's NOC

National Oil Corporation (NOC) reported February 2020 revenues of approximately US$555 million (US$555,533,750.97), a decrease of around US$1.21 billion (68.6%) on January 2020 revenues. The February figure is also a decrease of around US$708 million (56%) compared with February last year. NOC’s revenues come from sales of natural gas, crude oil and assorted derivative products, in addition to taxes and royalties received from concession contracts.

NOC Chairman Eng. Mustafa Sanalla commented: “February shows a major decrease in revenues as a result of the illegal blockade of numerous oil and gas facilities. This is a devastating, irreversible loss to the Libyan economy and people. With less funds coming into the country Libya’s people are more at risk of suffering due to the further degradation of public services and facilities. The last time our monthly revenue hit this low was in September 2016. We can still see some revenue for previous sales that came through in February, but we expect this number to keep dropping sharply as long as this blockade continues.”

NOC embraces public transparency as a key principle and has publicly reported monthly revenues dating back to January 2018, setting a standard for other Libyan institutions to follow.