Libya 7-month oil revenues hit $30.4 bln

Libya's oil and gas earnings for the first seven months of 2012 reached $30.4 billion dollars, with oil production running at 1.4 million barrels per day, the National Oil Company said on Tuesday. "During the period January 1 to July 31, 2012, total production reached 302 million barrels or 1.417 million barrels per day," the NOC said. It said revenues from oil and gas exports and taxes on foreign oil companies reached $30.4 billion with an average oil price of 110.5 dollars a barrel. It said the figure was five percent higher than projected. Libyan oil production, which was 1.6 million barrels per day before the conflict which toppled Moamer Kadhafi in 2011, resumed last September. Earnings from oil exports account for more than 90 percent of Libya's income.