Libya’s AGOCO resumes 3,000 bpd production at abandoned well in Messla.

Catogory : Market Report

Libya’s National Oil Corporation (NOC) said on Saturday its subsidiary the Arabian Gulf Oil Company (AGOCO) had restored production at 3,000 barrels of oil per day (bpd) at an abandoned well in the eastern Messla field.

After 6 years of inactivity, production resumed at the well (HH86-65) using the latest drilling techniques developed by U.S. oilfield services company Schlumberger.

However, the NOC has continued to function relatively normally across Libya, which relies on oil exports for most of its income. Libya the oil-rich country was producing more than 1.6 million bpd before a 2011. Messla’s output was around 70,000 bpd. NOC is planning to reach 2 million bpd. Libya resumed crude oil exports to the United States in September after a halt last month amid earlier port closures.

OPEC countries have finally started increasing production. As supply cuts are reversed, OPEC’s crude oil production in August (excluding Congo, which joined OPEC in June) rose to a 10-month high. The 15-member OPEC (The Organization of the Petroleum Exporting Countries) cartel pumped 32.98 million barrels per day last month. The rise in production was last matched in October 2017 (32.57 million b/d).