Libyan oil and gas revenues fall by $ 445 million in August

Libya's oil and gas revenues fell from $ 455 million to $ 1.57 billion in August from the previous month, the National Oil Corporation said Friday.

The company attributed the decline to the announcement of the major force in the Red Crescent oil-producing region after the end of hostilities, which led to the closure of the Sidr and Ras Lanuf export ports in June.

The company added that production was also affected by security problems in the Sharara field, attacked by gunmen in July, and kidnapped two workers.

The company said September's revenue would return to "normal levels after the start of immediate cash sales and reach target production levels" without providing a sales figure.

National Oil Corporation (NOC) chief Mustafa Sannallah told Reuters on Wednesday that his country produces up to 1.3 million bpd of crude oil.

According to Reuters estimates, current production levels remain below production levels of the OPEC member country before the civil war, which was about 1.6 million barrels a day. But production is at its highest level since mid-2013.

Production has been interrupted from time to time since the ousting of Muammar Gaddafi due to demonstrations and closures imposed by armed groups or workers, as well as the outbreak of violence.

(Reuters)