Libya Sees Record Revenues in Nov/Dec

Libya’s National Oil Corporation (NOC) announced that the net revenues for the months of November and December, for sales of crude oil, gas, condensate, petroleum and petrochemical products have reached record levels. Driven by a boom in prices around the world, the country saw net revenue during the two months surpass US$4.3 billion.

In November, NOC achieved revenues of over US$1.96 billion worth of crude oil, followed by gas and condensate, which amounted to over US$92 billion. The net revenues of petroleum products amounted to over US$46 million, and petrochemicals revenues amounted to nearly US$4.5 million, bringing the total net revenues for the month of November to more than US$2.11 billion.

December enjoyed the highest revenues achieved throughout the year, as crude oil revenues amounted to over US$1.985 billion, followed by gas and condensate revenues with more than US$120 million. Adding in petroleum products and petrochemicals revenues, the total revenue in the month of December surpassed US$2.21 billion.

NOC Chairman Mustafa Sanalla commented on the achievement: “The end of the year 2021 recorded a recovery, and oil prices achieved their largest annual gains since 2016, driven by the recovery of the global economy from the state of stagnation due to the Corona epidemic. It is expected to continue to rise unless the market fundamentals change and global investment upstream and downstream increases.”