National Oil Corporation (NOC) and its subsidiary Arabian Gulf Oil Company (AGOCO) announce promising test results from appraisal well Y3-51 in the Sirte Basin, with a potential production capacity of nearly 8,500 oil barrels per day (bpd) and 1.82 million cubic feet of gas.
Chairman of National Oil Corporation (NOC), Eng. Mustafa Sanalla reaffirmed NOC’s institutional commitment to good governance and fiscal accountability on March 28, 2019, at a meeting on ‘transparency in commodity trading’ hosted by the Swiss State Secretariat for Economic Affairs (SECO) and the Extractive Industries Transparency Initiative (EITI) in Lausanne, Switzerland.
National Oil Corporation (NOC) and Italian oil major Eni signed two memoranda of understanding (MoU) on March 25, 2019, at NOC’s Tripoli headquarters. The first concerned the establishment of a steering committee to expedite gas production at structures ‘A’ and ‘E’ within maritime concession MN 41 in the Sabratha marine basin.
National Oil Corporation (NOC) reports that February income from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, was 1.26 billion USD – a more than 330 million USD (-21%) month-on-month decrease.
The Board of Directors of National Oil Corporation (NOC) and Oil and Gas Workers Union expressed disappointment at news published in various social media regarding the decision of the Presidency Council, Ministry of Finance, and Central Bank to exclude legally-required oil sector salary increases from the 2019 budget. This increase was mandated in Council of Ministers’ decree No. 642 of October 27, 2013.
NOC included the 67% salary increase in its 2019 operating budget submission to the Government of National Accord (GNA) on December 5, 2018. The NOC Board has continually advocated for the pay increase since 2013 in both written and verbal representations to government – including on November 12, 2018, during the meeting of the Budget Committee chaired by the Deputy Minister of Finance, which discussed the proposed 2019 budget for the oil and gas sector, in addition to a meeting at the Prime Minister’s office on February 14, 2019, and a meeting with the Deputy Minister of Finance on March 14, 2019. NOC calls for the decision to omit due compensation for workers to be rectified forthwith with the pay increase to be included.