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Libya’s Oil Corporation Urges Implementation of Higher Production Projects

January 13, 2024
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Libya’s National Oil Corporation (NOC) has urged the management committee of Akakus Oil Operations company to continue executing approved projects related to production activities, reserve development, drilling, and maintenance in accordance with the sanctioned budget.

During a meeting on Thursday, the NOC’s board stressed the importance of technical training for company employees, and increasing production rates.

The meeting, attended by members of the NOC board, the Akakus management committee, directors, and the supervisory authority, reviewed the company’s performance indicators for key operations in 2023, and the achievements compared to the targets, including observations from the supervisory authority’s report.

The NOC emphasised the need to focus on spatial development projects, in areas and cities near the company’s fields, prioritising logistics work for local businesses.

Masoud Suleiman, a member of the NOC board, noted that Akakus had conducted various reservoir and laboratory studies in the previous year, and managed to drill 16 development wells, achieving 76% of the planned target.

Notably, the Chairman of the NOC, Farhat Bengdara emphasised the corporation’s “commitment to its role with utmost neutrality, despite the challenges it encounters.”

Speaking at the General Assembly of the Arabian Gulf Oil Company (AGOCO) in Benghazi, Bengdara stated that the NOC, in collaboration with the government, “aims to change its funding mechanism through direct deduction from oil revenues.”

In a related context, Bengdara highlighted that the AGOCO achieved a high production rate, reaching 88% of the 2023 target, with an average of 273,000 barrels of oil per day.

Bengdara stressed the necessity of “holding accountable those who fall short or neglect their responsibilities, affirming the importance of adhering to performance rates, and increasing the agreed-upon production.”

He revealed the government’s approval of a project to connect pipelines from the Sirte fields to the Ras Lanuf port, covering a distance of 700 km. The project, described as significant, will be implemented in the near future.

Tags: libyaLibya’s National Oil Corporation (NOC)Oil Production
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