TRIPOLI, Jan 17 — Libya’s lifeline oil and gas exports raised revenues of more than US$21.5 billion in 2021, the highest level in five years, the National Oil Corporation announced Saturday.
It said record levels were achieved in November and December, raising a combined US$4.3 billion in the two last months of 2021. Since the 1970s, Libya which sits on the largest known oil reserves in Africa has been heavily dependent on revenues from its hydrocarbon exports. The shutdowns have forced the NOC to declare force majeure, a legal move allowing it to free itself from contractual obligations in light of factors beyond its control.
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