Thursday, May 19, 2022

Libya’s NOC had net revenue of $21.6 billion last year

Libya’s NOC had net revenue of $21.6 billion last year

Libya’s National Oil Corporation (NOC) had net revenue of $21.6 billion in 2021, with $4.3 billion in net revenue during November and December, it said in a statement on Friday.

Oil prices were “expected to continue to rise unless the market fundamentals change and global investment upstream and downstream increases,” NOC chairman Mustafa Sanallah said in the statement.

He added that Libya’s oil sector would have little ability to invest and modernise its infrastructure because of low budgets.

The company’s media office also said total current oil output was 1.045 million barrels per day.