ENERGY

Libya’s National Oil Corp 2018 revenue already above last year’s

Mustafa Sanalla addressing a press conference in Tripoli on July 16, 2018. (AFP)

Libya’s National Oil Corp said on Thursday its revenue for January to July 2018 reached $13.6 billion, already exceeding last year's $13 billion.

It forecast revenue to rise to $23.4 billion by the end of 2018 “if the corporation was able to continue doing its work without any impediments”.

“Despite ongoing challenges in the sector, combined product portfolio revenues bear testament to NOC’s production performance in recent times, including a 2018 peak of 1.3 million [barrels per day] of oil in February,” chairman Mustafa Sanalla said.

Libya had a pre-civil war capacity to produce around 1.6 million bpd of oil, but its energy industry has suffered numerous disruptions in recent years due to blockades and fighting between militias.

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Last Update: Thursday, 6 September 2018 KSA 16:56 - GMT 13:56
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