Financial analyst Khaled Al-Zantouti stated exclusively to our source that the statement issued by the National Oil Corporation indicates that total production during February reached about 36 million barrels, meaning the average daily production was around 1.2 million barrels per day based on 28 days. He noted that the average during previous periods exceeded 1.4 million barrels per day, questioning the reasons behind this decline in production despite the large capital expenditures allocated to the corporation to increase output.
He added that the corporation’s statement indicated that the foreign partner’s share represents about 23% of total production, which is nearly double the previously recognized share of about 12.5%, questioning the reason for this significant increase. He suggested that the reason might be the presence of the company “Arkno” in the scene, describing it as “notorious,” and questioning the nature of this entity, which he said has begun consuming a share nearly equal to the combined shares of all foreign partners.
Al-Zantouti also pointed out that the Central Bank of Libya announced that the funds received in its external bank account amounted to only $900 million, stressing that this figure is unlikely to be an error because it represents a clear account between two parties: a creditor and a debtor.
He explained that the issue lies in what the corporation stated in its announcement regarding the transfer of about $1 billion, which indicates a difference of nearly $100 million, questioning where this amount has gone.
Al-Zantouti also asked whether this difference represents the value of fuel allocated to the local market, and questioned the validity of such a deduction and the legal basis on which it was made, noting that the Central Bank is the authority legally authorized to spend according to the approved budget.
He further stated that the value of sales, based on a price of $68.9 per barrel, should be around $1.8 billion or more, questioning the fate of the difference estimated at about 50% that was not received by the Central Bank.
He also noted that the corporation’s statement referred to what is known as “in-kind guarantees,” describing the term as new and unclear, and questioning its meaning, how it is determined, the basis on which it was adopted, and in whose interest it was approved.
