On Sunday, the Libyan National Oil Corporation (NOC) announced the completion of the drilling of the B4-49 oil well by the Mellitah Oil and Gas Company, with a production capacity of 1,800 barrels per day.
In a statement, the NOC indicated that this comes within the Mellitah Company’s plan to “improve and raise the level of production at the Bouri Offshore Field.”
NOC Chairman, Farhat Bengdara and members of the Board praised the new achievement. This adds to the successes made by the corporation and its subsidiaries in 2023.
The corporation announced that today’s crude oil production decreased to 1.221 million barrels. It added that condensate production reached about 16,000 barrels during the past 24 hours.
Meanwhile, it noted that the total domestic consumption of natural gas amounted to 960 million cubic feet, during the past 24 hours.
Earlier this month, the NOC announced that oil production has surpassed 106 million barrels, over the past three months. Gas production has reportedly hit more than three billion cubic meters over the same period.
According to statistical data published by the NOC, oil production amounted to 106,618,853 barrels during the first quarter of 2023, which extends from 1 January to 31 March.
During the same period, total oil products amounted to 1,541,566 metric tons.
As for natural gas, it rose to 3,175,813, 729 cubic meters, meanwhile, petrochemical products hit 163,151 metric tons.
In March, Bengdara said that the Corporation is seeking to maintain current levels of production and increase to 2 million barrels within 3-5 years.
In press statements, he said that the corporation’s debts amounted to $1.5 billion dollars. He explained that revenues are paid to suppliers for gasoline and diesel, in order to supply power stations and petrol stations.
Oil-rich Libya plunged into chaos after a NATO-backed uprising toppled and killed longtime leader Muammar Gaddafi in 2011. In the chaos that followed, the county split, with the rival administrations backed by rogue militias and foreign governments. The country’s current political crisis stems from the failure to hold elections on 24 December 2021.
The country’s Prime Minister, Abdel-Hamid Dbaiba who is leading a transitional government in Tripoli has refused to step down. The country’s eastern-based Parliament appointed a rival Prime Minister, Fathi Bashagga, who is seeking Libya’s UN seat.
