The continuation of the Arabian Gulf Oil Company’s (AGOCO) development operations at this pace will inevitably lead to Libya reaching a production rate of more than 1.5 million barrels of oil per day in 2023, AGOCO chairman Salah Gatrani said in an exclusive statement to Libya Herald.
He said this was because of the stability witnessed by the country in general, and by the oil sector in particular. Therefore, he continued, the Gulf Company has developed its own plan within the efforts of the National Oil Corporation (NOC). Libya has been unable to maintain production beyond 1.2 million bpd.
Gatrani was commenting to Libya Herald following Sunday’s AGOCO’s meeting on developing reserves and increasing oil production in the sector companies, attended by relevant AGOCO and NOC management.
The AGOCO chairman said that his company has already begun to implement the plan prepared by the NOC to raise production and increase reserves.
Training, localising and developing new techniques
He said AGOCO had actually delayed several projects to raise the efficiency of the employees in the company, including a cooperation project with KAMCO Oil Services Company to raise the efficiency of employees, localize and develop technology in the company, and keep pace with global updates in the fields of drilling oil wells and extracting crude oil.
Gatrani referred to the conclusion of a training course for workers in the Nafoura field in the field of production engineering on the use of new techniques of electrical narratives and their applications to evaluate rock layers in oil-producing wells as well as water injection wells.
NOC is providing finance after securing it from government
He commended the NOC for supporting its oil companies financially, especially after allocating a good budget to the sector from the Abd Alhamid Aldabaiba government, which positively affected the entire oil sector, as several oil wells have returned to production and the completion of preparations in several new wells.
At the meeting Gatrani referred to the speech by NOC chairman Farhat Bengdara at a previous expanded meeting on the NOC’s strategic plan to raise production and develop reserves. He pointed to the importance of this plan, which he said requires concerted efforts to achieve it and provide the necessary capabilities that would ensure access to the target smoothly. The most important of these capabilities, he said, is the steady cash flow as well as overcoming and developing all the problems that hinder the productive process.
AGOCO expected to increase most production
Speaking at the meeting, Khalifa Abdul Sadig, NOC board member, said that this meeting is very important and strategic to increase production and develop reserves in AGOCO, which, he said, constitutes the largest percentage of this plan. He said the NOC is counting on AGOCO to Increase production, develop reserves, and counting on it for the success of the NOC’s increased production plan. He admitted that the challenges are great, but with a strong will and wise management, Libya will be able to achieve the goals and results.
