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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