Chairperson of the National Oil Corporation (NOC) Mustafa Sanalla stressed the importance of preserving the corporation’s unity so that all Libyans can benefit from its services.
The NOC’s board of directors on Friday met with the Arabian Gulf Oil Company (AGOCO), where they discussed the challenges facing the national oil production.
Sanalla praised the AGOCO’s efforts to maintain stability of oil production despite all obstacles facing the sector, affirming that the AGOCO is one of the major companies on which the NOC relies.
In May, Sanalla said that the NOC should remain independent and isolated from internal conflicts, and that it should not be involved in any political disputes.
Libya has witnessed positive economic indicators in the current fiscal year (FY) as the budget deficit is expected to drop to 0%, oil production improved, and inflation rate decreased, the governor of the Central Bank of Libya (CBL) Saddek el-Kaber said earlier this week.
The World Bank (WB) said in April 2018 that Libya’s economic growth is projected to rebound at around 15% in 2018, and 7.6% in FY 2019/2020.
“Both the fiscal and current account balances will significantly improve, with the budget and the current account running surpluses expected from 2020 onwards. Foreign reserves will also start building up by 2020. They will average $72.5 billion during FY 2018/2020, representing the equivalent of 27.5 months of imports,” according to the WB.
Meanwhile, Libyan oil fields will be provided with further services and security to enhance their production, according to a meeting between the Presidency Council of the Government of National Accord (GNA) and the National Oil Corporation (NOC) on October 21.
Chairperson of the GNA Faiez Serraj and Sanallah underscored in the meeting the importance of securing ports and oil fields to maintain production and exportation levels, as well as managing oil derivatives properly and reducing any adverse environmental impact of the process.
That comes as Libyan oil revenues reached their highest levels in 2018, estimated at $13.6 billion, the NOC announced in September, expecting the figure to rise to $23.4 billion by the end of the year “if the corporation was able to continue doing its work without any impediments.”
Libya’s crude oil production exceeded 1 million bpd in September compared to 950,000 bpd in August, according to the Organization of Petroleum Exporting Countries (OPEC). Before Muammar Gaddafi’s ouster, Libya produced 1.6 million bpd, but the then deterioration of security situation had led to a severe decline in the country’s oil production.
