Oil Ministry reports collecting 1.947 billion dinars in royalties and taxes from concession companies in January 2026.
libyawire.org > News > Economy > Oil Ministry reports collecting 1.947 billion dinars in royalties and taxes from concession companies in January 2026.
The Ministry of Oil and Gas announced that the total value of royalties and taxes collected from concession and participation contract companies during January 2026 amounted to 1,947,725,346.002 Libyan dinars.
According to the published statement, the revenues were distributed across several items, particularly taxes and royalties, in addition to surface rentals, while no revenues were recorded from natural gas during the same period.
The ministry clarified that surface rentals amounted to 714,346.402 Libyan dinars, royalties totaled 127,731,131.644 Libyan dinars, and taxes reached 1,819,279,957.956 Libyan dinars.
Regarding crude oil and gas: crude oil accounted for the largest share of the revenues, with royalties from crude oil amounting to 107,949,932.731 Libyan dinars and taxes from crude oil totaling 1,086,926,677.424 Libyan dinars, while natural gas revenues recorded zero collections in January.
Ministry of Oil and Gas
The Ministry of Oil and Gas is a government institution responsible for overseeing and regulating a nation’s petroleum and natural gas resources. Its history is typically tied to the nationalization or major development of a country’s hydrocarbon industry, often established to assert state control over these vital economic assets.
Libyan dinars
The Libyan dinar is the official currency of Libya, introduced in 1971 to replace the Libyan pound. Its issuance and value have been heavily influenced by the country’s political history, including the rule of Muammar Gaddafi and the instability following the 2011 civil war.
OPEC
OPEC, or the Organization of the Petroleum Exporting Countries, is an intergovernmental organization founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Its primary purpose is to coordinate and unify the petroleum policies of its member countries to secure fair and stable prices for oil producers.
192nd Ministerial Meeting
The 192nd Ministerial Meeting refers to a session of the Council of the European Union, where ministers from EU member states convene to adopt policies and laws. Such meetings are a core part of the EU’s legislative process, with each one focused on specific policy areas like finance, environment, or foreign affairs based on the participating ministers.
