Libya’s NOC February revenues down 21 pct on January

Libya’s National Oil Corporation (NOC) said on Wednesday that its revenues in February fell by 21 percent from January.

NOC said in a statement that its February revenues fell to $1.26 billion, more than $330 million less than the previous month, as a result of adverse weather conditions affecting exports from the Es Sider port and a blockade and force-majeure at El Sharara oilfield.

“Following the resumption of production at Sharara, March revenue is set to rebound strongly,” NOC Chairman Mustafa Sanalla said. “NOC has the ability to increase oil production up to 1.4 million bpd this year – if the security situation remains stable.”

El Sharara oilfield, operated by NOC and foreign partners, has been pumping oil intermittently due to blockades, mostly by armed groups, and other incidents.
Source: Reuters (Reporting by Omar Fahmy, writing by Nayera Abdallah, editing by Susan Fenton and Alexander Smith)