BusinessLibya

NOC expects jump in March oil revenues

The National Oil Corporation (NOC) predicts a significant increase in oil revenues in March after the resumption of production at el-Sharara oil field earlier this month.

Libya’s total oil revenue in February reached $1.26 billion, down by more than $330 million compared to January, the NOC said in a Thursday statement.

The oil company attributed the decline to the bad weather conditions that affected the oil exports from Waha oil field, in addition to the closure of Sharara oil field until 4 March.

“We will be able to increase oil production up to 1.4 million bpd this year, if the security situation remains stable.” Chairperson of the NOC Mustafa Sanalla said last week.

The state oil company lifted on 4 March the force majeure at Sharara oilfield, the country’s biggest, which had been closed since December 2018 when tribesmen seized it. The closure of the field caused a production loss of $1.8 billion, according to the NOC.

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