Tripoli: The National Oil Corporation (NOC) has released detailed information on its oil production and revenue collection for February 2026, focusing on the distribution of funds and the settlement of fuel payments. This initiative is part of the NOC's ongoing efforts to enhance transparency and streamline the regulation of payment processes related to fuel supplies within the local market.

According to Libyan News Agency, the NOC revealed through a statement on its official Facebook page that it amassed a total of $1,001,088,082.32 in oil revenues during February 2026. This substantial amount reflects the value of crude oil sales from January, aligned with the sector's adopted collection mechanism. The revenues were deposited into the oil revenue account at the Libyan Foreign Bank, setting the stage for subsequent financial procedures involving key authorities such as the Central Bank of Libya, the Audit Bureau, and the Ministry of Finance, with oversight from the Attorney General's Office.

The statement detailed that $295,668,926.12 from the total revenues was earmarked to offset a portion of the costs associated with fuel supplies for February. This allocation was executed following the approved financial arrangements. Meanwhile, the remaining $705,419,156.20 was transferred to the Central Bank of Libya after the completion of fuel value allocation procedures.

For the settlement of January 2026 fuel payments, the NOC reported that in-kind guarantees valued at $768,457,930.53 were designated to cover fuel supplied to the local market. This approach was necessary due to the absence of direct financial allocations for fuel imports, prompting the implementation of the existing settlement mechanism at the time.

The NOC also announced the introduction of a new payment mechanism for fuel, utilizing letters of credit through the Libyan Foreign Bank. This new process began with the February revenues, which will be collected during March. Under this structure, all oil revenues will be routed to the Libyan Foreign Bank before initiating any payment procedures. This ensures that the payment process for local fuel supplies adheres to the approved financial frameworks.

The National Oil Corporation highlighted that its published data on oil revenues accurately reflects the amounts collected in the oil revenue account at the Libyan Foreign Bank. The NOC reiterated that these procedures aim to regulate the payment mechanism for fuel, ensure a steady flow of oil revenues, and manage payment operations with transparency, in line with applicable financial arrangements.