Libya’s oil production has continued to climb since the lifting of the blockade thanks to the implementation of budgetary programs. The Sirte Oil Company, a subsidiary of the NOC, has just doubled its production to now stand at 100,000 barrels per day.
On December 17, the Libyan state-owned petroleum company (NOC) announced that the oil production of one of its subsidiaries, the Brega-based Sirte Oil Company, had increased from 55,000 to 100,000 bpd, almost double the level before the blockade imposed at the start of the year. This improvement achieved in record time results from the effective implementation of budgetary programs.
This program includes the reclamation of 24 oil wells, the conversion of the methods of artificial lifting of gas extraction by the installation of electric submersible pumps, and the execution of the development plan of the El- aquifer. Harach in South Zelten. Not to mention activation by acidification, hydraulic fracturing and some other restoration activities.
“This doubling of production and the increase in Libya’s revenues came about in record time, despite the cuts in the budgets allocated to NOC by the Libyan Central Bank (CBL) to operate the hydrocarbon sector. This confirms the importance of the field in terms of profitability and economic feasibility, ”commented Mustafa Sanallah, CEO of NOC.
As a reminder, the company presented an integrated plan to the Libyan state during the month of September 2019 aimed at increasing the production capacity of the oil sector. But with the closure of the oil fields and the Covid-19, the results were slow to be felt.
Source Ecofin Agency