Libya: $4.321 billion in total oil and gas revenues during the...

Tripoli (DPA)

Posted on: Friday, January 14, 2022 – 9:21 PM | Last update: Friday, January 14, 2022 – 9:21 PM

The National Oil Corporation of Libya said, on Friday evening, that its net revenues from sales of crude oil, gas, condensate and petrochemical products during November and December 2021 amounted to about 4.32 billion dollars, to record levels driven by a boom in global prices.

In a press statement issued this evening, the Chairman of the Corporation’s Board of Directors, Eng. Mustafa Sanalla, said: “The end of the year 2021 recorded a recovery, and oil prices achieved their largest annual gains since 2016, driven by the recovery of the global economy from a state of recession due to the Corona epidemic.”

He added: “Prices have not reached their highest levels yet, and they are expected to continue rising unless market fundamentals change and global investment upstream and downstream increases.”

He considered that “the ability of the oil sector in Libya to invest and advance the process of infrastructure modernization will remain weak in the foreseeable future, especially in light of the scarcity of budgets.”

He stressed that “what we need more than ever is to think outside the box and create initiatives to save the infrastructure and push the investment wheel in the national oil sector, as it is almost the only financier of the public treasury.”

The total net revenue achieved during the past year amounted to about $21.5 billion, according to the statement.

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