Additional production capacity added at Libya Faregh oil field.

Catogory : Market Report

Waha Oil Company (WOC), a National Oil Corporation subsidiary, has completed preparations on another horizontal well in the Faregh oil field ahead of the planned start of second-phase experimental gas production by the end of the first quarter of 2019.

Initial tests indicate that the B B-14-59 well is expected to produce up to 24 million cubic feet of gas, and 1500 barrels of condensate per day (bcpd), using a 64/64-inch wellhead choke.

This well is in addition to the expected 33 million cubic feet of gas, and 1400 bpcd production capacity of well B B-10-59, completed in November 2018.

NOC chairman, Eng. Mustafa Sanalla thanked staff dedicated to this project and underlined the importance of a refocused Faregh field to provide gas for local community use, and the fostering of further regional economic development.

This comes after National Oil Corporation (NOC) recorded an average production of 1.307 million barrels per day in 2018 and total revenues of 24.4 billion USD – a five year high and 78% year-on-year increase.

“I am still confident that our future is bright, and that Libya will be able to overcome difficult times,” added Sanalla. “NOC is also expanding – a number of new companies will start operations – such as the Zulaf Libya Company in the South, and the Oil Construction Company in Benghazi.”

Chairman Sanalla said: “NOC has achieved its highest levels of production and revenues since 2013.