Libya’s state-owned Sirte Oil and Gas Production and Processing Company announced today that its production across all fields had earlier today reach a peak of 87,000 barrels per day (bpd).
Commenting exclusively to Libya Herald on this production figure, which has not been achieved for more than a year, the Chairman of Sirte Oil and Gas Company, Mustafa Hammad, said that reaching this production rate was not achieved until after the implementation of the plan to raise production prepared by the National Oil Corporation (NOC). This plan aspires to reach about 2 million bpd by 2026, he added.
Increased budgets enabled increased production
Hammad stressed the intensification of efforts between Sirte Oil and Gas Company and the NOC to develop some fields and activate work in them to extract larger quantities of crude by providing the necessary capabilities, especially after allocating the necessary budget to increase production.
Production increase achieved using Libyan cadres
He highlighted the fact that this increased production rate has been achieved exclusively through the use of by Libyan cadres of engineers and technicians in the various fields of oil engineering.
To reach 100,000 bpd soon
Moreover, he bullishly forecast that they will be able to raise production to more than 100,000 bpd ‘‘in a short period of time’’.
Seeking use of technologies to raise production
Hammad said that Sirte Oil Company seeks to develop its business and introduce technologies that would raise the company’s production capacity and expand cooperation opportunities with all companies to ensure the continuity of productive work.