On Monday, Akakus Oil Operations announced that it had completed drilling well B-50 NC-115 in a relative record time.
It reported that its Drilling and Well Maintenance Department completed the drilling in a period not exceeding 18 days, at a depth of 5,005 feet, and less than 7 days for the period specified for the wells that were previously drilled.
Akakus added that 15 wells have been drilled from the beginning of January 2023 until now, with an estimated productivity of 25,000 barrels per day.
The company said this achievement comes as part of the efforts made to improve the performance rates of drilling operations and maintenance of oil wells, achieving the target in the shortest possible time, and reducing the costs of drilling operations.
Increasing oil production has proven challenging for Libya
It will be recalled that Libya seeks to increase oil production from its current 1.2 to 1.3 million barrels per day to 2 million bpd, but in reality, has struggled to move beyond its current rate. According to Libya’s oil sector, this is due to the lack of budget made available to it by the government and Central Bank of Libya.
Earlier this year, the state National Oil Corporation chairman, Farhat Bengdara, said Libya needs investments worth 4 billion dollars annually just to maintain its current volume of oil production, with the aim of modernizing the infrastructure and developing services in the oil fields.