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NOC reports revenues for June 2020
The National Oil Corporation (NOC) reported crude oil, *gas (propane and butane)* and condensates export revenues of US$45,552,578.87 million for June, the lowest recorded this year. No revenues were earned from oil products sales for the sixth month in a row.
Falling production led to this large drop in revenues as refineries, oilfields and ports were shut down as a result of the illegal blockade. The revenues of *gas (propane and butane)* and condensates sales also suffered a sharp decline in June. Average monthly revenue fell to US$ 8,997,305.35 million, the lowest this year.
NOC Chairman Eng. Mustafa Sanalla commented: “The Libyan state continues to suffer heavy losses in its daily oil and gas production for the sixth month in a row. The illegal oil blockade has had disastrous effects on our national economy and damaged the living standards of Libyans. Our reservoirs are suffering permanent damage, and stagnant fluids are corroding our pipelines, which will cost us huge amounts to repair. We urge all Libyan parties to do everything possible to restart oil production as soon as possible to avoid further damage”.
NOC is committed to publishing all figures related to oil revenues and has done so every month since January 2018. For NOC, transparency is a key business principle.