Economics and Business

NOC Chairman warns of a decrease in gas production in the next two years

Libyan Cloud News Agency – Tripoli

The Chairman of the National Oil Corporation (NOC), Mustafa Sanallah, held a press conference on Wednesday to speak about the latest oil developments.

Sanallah said that Libya’s sales of crude oil have exceeded 400 million barrels during the years 2020 and 2021, and that the NOC has entered the year 2021 with debts amounting to about three billion dinars.

He added that rehabilitating the destroyed oil fields would increase oil output with an expected production capacity of up to 17,000 barrels per day.

He indicated that oil revenues have exceeded 22.718 billion dollars since they were frozen, noting that 22.833 billion dollars of oil revenues have been transferred to the sovereign account of the government.

Sanallah explained that the Electricity Company consumes two-thirds of the production of gas and more than 50% of diesel fuel, warning of a decrease in gas production in the next two years due to bureaucracy and non-disbursement of budgets for development.

Show More

Related Articles

Back to top button