The National Oil Corporation (NOC) issued a statement on 14 January explaining the reasons for the drop in oil revenues during 2024. The response came in light of data published by the CBL, which indicated a $6.447 -billion decrease in oil revenues compared to 2023.
The NOC insisted that the downturn was not attributable to mismanagement within the sector or miscalculations by its officials or affiliated companies.
NOC attributed the decline in oil revenues in 2024 to an increased need to import fuel, which it put at $500 million, to meet the demand of consumers. It added that frequent shutdowns at the Zawiya refinery exacerbated this situation. Additionally, a surge in domestic gas consumption led to reduced gas exports.
The NOC said that a decrease in oil production in Libya last year by 36 million barrels compared to 2023 was a result of repeated closures for various reasons.
The statement highlighted a $100-million increase in expenses associated with fuel supply during the same period, including $40 million in outstanding debts from previous years.
NOC explained that revenue for 2023, included revenue from the oil sector carried over from 2022 of $2.4 billion, of which $718 million was revenue from oil exports and $1.682 billion was revenue from overdue royalties and taxes paid by Eni for the period from March 2018 to November 2019.
Source:The National Oil Corporation
