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Home Business

Akakus Oil drills 15 wells since January – producing 25,000 bpd

bySami Zaptia
December 6, 2023
Reading Time: 2 mins read
A A
Akakus Oil drills 15 wells since January – producing 25,000 bpd

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.

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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.

 

NOC announces strategic plan, includes training, renewables, and increased production to 2 million bpd (libyaherald.com)

NOC chairman confirms support for AGOCO to increase oil production (libyaherald.com)

Libya to increase oil production to 1.5 million by year end, needs LD 7 billion budget – delayed 2021 budget will hinder development (libyaherald.com)

Fuel quantities, smuggling and subsidy reform – and increased oil production through PPP discussed at summit meeting (libyaherald.com)

Increased oil production operations will receive mixed funding: NOC (libyaherald.com)

After 9-year hiatus, AGOCO reactivates 11 oil wells to produce up to 3,900 bpd (libyaherald.com)

Libya will produce more than 1.5 million barrels of oil per day in 2023: AGOCO chairman (libyaherald.com)

Senior Libyan Petroleum Institute researcher confirms Libya’s ability to produce 1.5 million barrels (libyaherald.com)

Waha Oil Company restarts 51 wells with potential 14,650 bpd increased production (libyaherald.com)

Waha Oil’s Al-Dahra field restarted – to produce up to 10,000 bpd by year-end (libyaherald.com)

 

Tags: Akakus Oil Operations AOOincreased oil productionNOC National Oil Corporation

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