Libya’s November, December oil revenues exceed 4 billion dollars

The National Oil Corporation revealed that it achieved record revenues during the months of November and December,  reaching 4,321,675,360.58, noting that the total revenues achieved during the past year amounted to 21,555,396,675.07 billion US dollars and 30,098,669.01 euros.

The NOC added in a statement that in November, it achieved $1,968,156,900.26 of crude oil, followed by gas and condensate, which amounted to $92,335,279.02. The net revenues of petroleum products were $46,093,437.43, and petrochemicals revenues amounted to $4,489,025.22, with a total net worth of $4,489,025.22. Revenues for the month of November are $2,111,074,641.93.

The NOC indicated that the month of December achieved the highest revenues achieved throughout the year, as crude oil revenues amounted to 1,985,950,976.38 dollars, followed by gas and condensate revenues with 120,369,471.38 dollars, then oil products revenues with 101,306,516.64 dollars, and petrochemicals revenues with 2,973,754.25 dollars. Total revenue for the month of December is about $2,210,600,718.65.

The Head of the National Oil Corporation, Mustafa Sanalla, defended the policy of withholding direct revenues, royalties and taxes in 2020, which came, according to him, in order to resume production, pointing out that it saved the country from the specter of war and bankruptcy, and achieved financial surpluses during the year 2021.

Sanalla confirmed that, since the lifting of force majeure in September of the year 2020 until December 31, 2021, royalties and taxes have been recorded, an amount of $2,275,850,786.95, which has been deposited in the account of the Ministry of Finance with the Central Bank of Libya, provided that royalties and taxes will be withheld in the coming months for the South Refinery and infrastructure projects, in accordance with Cabinet decisions.

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