Libya Revenues At 5-Year High But Remain Unstable As NOC Eyes Gas Boost

While Libya managed to ramp up crude output to just under 1mn b/d in 2018, continued instability clouds the country’s outlook. Gas exports to Italy are at a seven-year low but this is mainly due to a rise in domestic demand.

Libya’s NOC clocked a five-year high of $24.4bn in oil and gas revenues for 2018, a figure that could have been substantially higher if it wasn’t for intermittent outages at key fields and export terminals, mainly due to civil strife, storage capacity woes and bad weather.

2018’s 78% hike in revenues comes thanks to average oil prices almost $20/B higher than 2017’s $52.8/B (for Libya’s Sider Blend) combined with an output increase of around 20%. Revenues are more than five times 2016’s multi-decade low of just $4bn, when not only did prices slump to little more than $40/B but Libyan output, at just 380,000 b/d was even lower than the 450,000 b/d seen in the revolutionary year of 2011. (CONTINUED - 720 WORDS)


chart Libya Crude Output ('000 B/D): Sharara Shut-In And Port Closures See Output Slump From Recent 5-Year Highs...
chart ...Though 2018 Still Saw The Highest Annual Output Figure Since 2012 ('000 B/D)
chart Libya Gas Exports To Italy* For 2018 Were At The Lowest Level Since The Revolutionary Year Of 2011 (Bcm)...
chart ...Though Volumes For The Second Half Of 2018 Were Up Year-On-Year With The Start Of Phase-2 Output As The Offshore Bahr Essalam Field (Mn Cfd)