Libya’s 2019 oil and gas revenues fell 8% year on year to $22.5bn amid somewhat lower prices even though crude production averaged a seven-year high of 1.11mn b/d (MEES, 3 January). Still, the revenue figures are pretty impressive given that Libya was rocked by a bloody civil war for most of 2019.
“Despite many challenges, NOC [National Oil Corporation] maintained consistent production, generating the vital revenues that the Libyan people depend on and contributing to global oil market stabilization,” NOC chief Mustafa Sanalla said in announcing the revenue figures for the year on 14 January. (CONTINUED - 139 WORDS)
