Libya’s National Oil Corporation’s (NOC) revenues for October rose to US$2.2 billion from US$1.8 billion in September; a meaty increase of 21 percent. The increase in revenues is from sales of crude oil, hydrocarbons, petroleum and petrochemical derivate. Also, taxes, royalties from concession contracts and receipts of shipments made in September contributed to the increased kitty.
NOC has a pride of position in the national economy of Libya as the nerve center of hydrocarbon sector. Its responsibilities are wide ranging including oil exploration, development and production operations, managing local and international marketing companies. It also enters into production sharing agreements with overseas companies and has a petroleum research centre which carries out research and technical studies related to the oil industry, conducts technical analysis and tests for the various stages of exploration and production of oil and petroleum products, performs quality control tests and issues certificates in this respect.
