Libya’s NOC clocked a five-year high of $24.4bn in oil and gas revenues for 2018, a figure that could have been substantially higher if it wasn’t for intermittent outages at key fields and export terminals, mainly due to civil strife, storage capacity woes and bad weather.
2018’s 78% hike in revenues comes thanks to average oil prices almost $20/B higher than 2017’s $52.8/B (for Libya’s Sider Blend) combined with an output increase of around 20%. Revenues are more than five times 2016’s multi-decade low of just $4bn, when not only did prices slump to little more than $40/B but Libyan output, at just 380,000 b/d was even lower than the 450,000 b/d seen in the revolutionary year of 2011. (CONTINUED - 720 WORDS)
