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Oil production to reach 1.4M bpd if security remains stable: NOC

The National Oil Corporation (NOC) will be able to increase oil production up to 1.4 million bpd this year if the security situation remains stable, NOC Chairman Mustafa Sanalla said Wednesday.

In his statement, Sanalla said the February income from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts reached $1.26 billion with $330 million decrease compared to January.

“The drop in oil revenue is attributed to adverse weather conditions affecting exports from the Es-Sider port, in addition to the recent armed militia blockade and state of force-majeure at el-Sharara oil field until March 4, 2019,” added the statement.

However, March revenue is set to rebound strongly following the resumption of production at Sharara, Sanalla added.

“The NOC is committed to transparent reporting of national oil revenues. We are therefore keen to explore new cooperation opportunities with the Extractive Industries Transparency Initiative (EITI) to institutionalise our accountability before the Libyan people and build further trust,” concluded the Chairman.

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