Libya's National Oil Corp., or NOC, said Monday it expects its revenue from oil and natural gas to top $54.9 billion in 2012.
Libya
's
National Oil Corp., or NOC, said Monday it expects its revenue from oil and
natural gas to top $54.9 billion in 2012.
The revenue would be generated from exports and taxes on oil companies'
operations in the North African company, NOC said in a statement posted on its
website, without naming the oil companies.
The figure was based on an average production of 1.350 million barrels per day
of crude and oil products and an oil price of $100 a barrel.
Libya
generated $30.4 billion in revenue from oil and natural gas from Jan. 1 to July
31, and its production averaged 1.417 million barrels a day during the same
period, a 5% rise from what the country had initially anticipated, NOC added.
Libya, holder of Africa's biggest crude reserves, has fast recovered its oil
production since the overthrow and killing of the leader Moammar Gadhafi but
foreign companies still complain of infrastructure constraints, tough contract
terms, and persistent insecurity.
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