The National Oil Corporation (NOC) reported that its 2019 oil revenues were 1.8 US $ bn, with a decrease around 410 US million dollars (19%) in October 2019, and a drop of 613 US million dollars (25%) compared with November 2018.
In 2019, total profits were 22.495 billion USD.
NOC Chairman Mustafa Sanalla claimed that : “Overall, despite adverse conditions, NOC is on track to hit its production increase and revenue generation targets”, with oil and gas condensate production volumes consistent at 1.23 million barrel per day in November, compared to 1.22 million barrel per day in October.
The NOC announced that it ‘‘embraces transparency as one of Corporation’s key values”, pointing out that it pays all revenues from sales of oil and gas products to Libya’s Central Bank , and receives its operating as well as its capital budgets from the Ministries of Finance and Planning.