Page 9 - AfrOil Week 40 2021

AfrOil PERFORMANCE AfrOil

Revenues of Libya’s NOC

hit $1.94bn in August 2021

LIBYA LIBYA’S National Oil Corp. (NOC) said its reve- since November 2020, and its production hit
nues from crude oil, gas condensate, natural gas, 1.3mn bpd in April. Hopes of a recovery and
petroleum product and petrochemical sales had production have been boosted with the for-
hit $1.94bn in August 2021, thanks to rising out- mation of a national unity government in mid-
put and favourable oil prices. March, ending a split between dueling eastern
The vast majority of this sum, amounting to and western administrations.
$1.83bn, came from crude oil sales. A further NOC aims to raise daily output to 1.45mn
$53mn was generated from sales of gas and con- bpd by the end of 2021 and to 1.6mn bpd within
densate. NOC’s revenues from petroleum prod- two years and 2.1mn bpd within four years.
uct sales in August stood at $53.3mn, while the it aims to bring new oilfields on stream in the
proceeds from petrochemical sales amounted to coming months in Sirte, a basin in the central
$3.12mn. part of the country, and Ghadames, a basin in
Mustafa Sanalla, NOC’s chairman, expressed the west. ™
satisfaction with his company’s performance in
August and said that steps ought to be taken to
safeguard these gains. “These favourable con-
ditions and the climb in prices require excep-
tional measures, stressing that modernisation
and development have become an urgent need,”
he said.
Sanalla explained that NOC planned to
address the matter by expanding its oil-refining
capacity. He was speaking after the Council of
Ministers approved plans for the construction
of the first refinery in southern Libya to service
both the domestic and international markets.
The project will mark the resumption of down-
stream infrastructure expansion in the country
after the 10-year hiatus that followed the over-
throw of Moammar Qaddafi’s regime.
Libya, an OPEC member, has managed to
keep its production above 1mn barrels per day Most of NOC’s August revenues came from oil sales (Image: NOC)

Nigeria lost 7.2mn barrels of crude

in July due to aging oil facilities

NIGERIA NIGERIA lost 7.193mn barrels of crude oil highs shortly after the OPEC+ group opted
in July, mainly due to deteriorating facilities against a big supply boost. Crude prices could
at offshore and shallow-water assets. The loss be poised to rally toward $100 a barrel.
amounted to $539.4mn at the official exchange Minister of State Petroleum Chief Timipre
rate, This Day reports. Sylva and Nigerian National Petroleum Corp.
Current production stands at roughly 1.5mn (NNPC) managing director Mallam Mele Kyari
barrels per day (bpd), 75% of pre-pandemic lev- have projected that production will return to
els. Nigeria has been unable to pump enough oil normal by mid-November.
to meet the OPEC-allocated quotas in the past But experts say Nigeria may not return to
four months due to delayed maintenance and pre-pandemic levels of 2mn bpd until the first
low investment. half of 2022, This Day said. Maintenance issues
Meanwhile, oil prices climbed to multi-year led to at least 40 shutdowns in July alone. ™

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