Libya’s Waha Oil Company announced the completion of necessary maintenance work for 51 oil wells in various fields. Of these wells, 31 were closed for a lengthy period, due to technical and reservoir problems.
These wells were returned to production to contribute to increasing the capacity of the company.
In a statement, Waha stated that production is estimated at 5,400 barrels per day. The added production from maintaining and improving the production of wells amounted to about 9,250 barrels per day.
The statement confirmed that a number of wells that have been maintained and returned to production are still under testing. It will announce the quantities of its achieved production after confirming the testing operations currently underway.
On Sunday, the Libyan Oil Minister, Mohamed Aoun said that oil and gas production will increase by the end of 2023.
During a meeting with the Dutch Ambassador in Tripoli, Dolf Hogewoning, Aoun added that oil production could reach 2 million barrels per day, “if efforts are combined, and work is done with high efficiency, and international companies cooperate with Libya.”
He highlighted the role of the Dutch oil and gas company, Shell, and its history of work in the country.
Ambassador Hogewoning affirmed the Netherland’s interest in the Libyan market, and that it will work to encourage Dutch companies to return.
He also confirmed Dutch companies’ willingness to participate and cooperate in developing the oil sector through advanced training programs. This is especially in the field of natural gas, renewable energies, and marine fields in which the Netherlands has significant experience.
Libya’s total oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022, compared to 103.4 billion dinars ($21.5 billion) in 2021, the Central Bank of Libya (CBL) announced earlier this month.
In recent months, Libya’s oil sector has stabilized, and production has risen to 1.2 million barrels per day. Aoun has expressed his hopes that “oil production will return to 2010 levels within two or three years.”