30 December 2018, News Wires — Libya’s oil and gas revenue dipped to $2.4 billion in November from $2.87 billion in October, but full-year revenue is expected to surge by 76 percent to $24.2 billion, state oil firm NOC said on Friday.
Although lower than the previous month, November revenue was the third highest monthly figure in 2018, NOC said.
Despite recurrent security problems that have affected output from Libyan oilfields, NOC’s revenue has been boosted this year by higher oil prices and production.
Libya currently produces about 1.15 million barrels per day of oil.
“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,” NOC Chairman Mustafa Sanalla said in a statement.
Last week, NOC declared force majeure at its biggest oil field after it was taken over on Dec. 8 by tribesmen, armed protesters and state guards demanding salary payments and development funds.
NOC and the internationally recognised government agreed on a security plan this week to protect the 315,000 barrel per day El Sharara field including setting up green zones inside the site to stop anyone entering without a permit and removing all unauthorised people.
“We are also working hard to implement agreed security measures at Sharara so operations and production can resume as soon as possible,” Sanalla said.
The reopening of the field hinges on “the implementation of key reforms by the government to the local Petroleum Facilities Guard,” he added.