The head of the National Oil Corporation, Mustafa Sanallah expected Libya’s oil production to continue rising, but this requires more funding, security, and stability, Sanallah said.
In an interview with TRT Arabi TV, Sanalla revealed that Libya’s oil production has hit one million three hundred thousand barrels, indicating that if world prices continue to climb, with the increase in production, Libya would establish new records in its revenues.
Sanallah confirmed that the revenues are still withheld in the NOC’s accounts in the External Bank of Libya “to prevent them from being wasted,” explaining that their dispute with the Central Bank of Libya is over the spending mechanism.
The NOC head noted that the oil sector in Libya constitutes 97% of the public revenues of the country’s foreign currencies, as the state relies mainly on the oil sector.
“One of the reasons for the rapid recovery of oil production is the NOC’s strong institutional management as a result of the law established by the founding fathers,” Sanallah said, pointing out that the Libyan oil law, which was enacted in 1955, is one of the oldest petroleum laws in the world.
Sanallah insisted that the institution is being managed away from political agendas. “The NOC has repeatedly declared its neutrality. It stands at the same distance from all political and hardline parties, which has earned it the respect of everyone,” Sanalla added.