The National Oil Corporation (NOC) has announced a commercial oil discovery in the Ghadames Basin with an estimated production capacity of 4,200 barrels per day.
In a statement on Tuesday, the NOC said the National Drilling Company began mobilizing Rig No. 11 to the site to drill three strategic wells for Sonatrach-SIPEX, under an Integrated Project Management (IPM) approach, in partnership with leading international and local companies.
NOC Chairman praised the National Drilling Company’s role, highlighting the efforts of its negotiation team, which secured strategic partnerships that enhance its position as a reliable partner in major drilling projects, particularly those meeting global standards for integrated projects.
The statement noted that this achievement follows a series of recent successes, including reactivating rigs No. 13, 12, and 33 and adding them back to the company’s fleet. These steps reflect a strong commitment to operational readiness, improved performance efficiency, and revenue growth, bolstering competitiveness in domestic markets.
Regarding Sonatrach’s operations in Libya, the Algerian company was granted an exploration and production sharing license during the 2008 public bidding round. The NOC confirmed the commerciality of the A-65/2 oil discovery in the Ghadames Basin, achieved by Sonatrach, paving the way for development and early production.
Production rates are expected to exceed 4,000 barrels per day, as part of the NOC’s ongoing strategy to boost Libya’s oil and gas reserves and strengthen its energy sector.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
