The Ministry of Finance of Libya’s recently concluded National Unity Government announced that the total exceptional financial arrangements allocated to the National Oil Corporation (NOC) for 2023 amounted to approximately 17.54 billion dinars ($3.54 billion).
The allocation forms part of the total expenditure of 125.72 billion dinars.
The disclosure and transparency report issued by the Ministry of Finance, covering the period from January 1 to December 31, 2023, also revealed that the financial arrangements for the General Electricity Company of Libya totaled about 7.19 billion dinars in the past year.
According to the report, salary payments dominated Libya’s public expenditures in 2023, recording 59.99 billion dinars out of the total 125.72 billion dinars.
Furthermore, the expenses for management, equipment, and operations reached 8.99 billion dinars. Expenditure on development projects and programs was recorded at 11.99 billion dinars, while subsidy expenses totaled 19.99 billion dinars.
In the same vein, Mohamed Aoun, the Oil and Gas Minister of Libya’s temporary National Unity Government, revealed that over 30% of Libya’s territory remains unexplored for such resources.
In his address at the Libya Energy and Economy Summit held in Tripoli this Saturday, Aoun stated that Libya has vast amounts of oil and shale gas.
“A committee has begun to undertake the task of exploration and has reached some findings. We hope to start an actual drilling trial in one of the wells to confirm these results in the coming days,” he explained.
The NOC announced a significant increase in its crude oil production for the year 2023, reaching 432.22 million barrels. This marked an average daily output of 1.184 million barrels, registering an 11.8% rise compared to 2022 when the production stood at 386 million and 56 thousand barrels.
