The NOC has recently announced its strategic plans in order to increase oil production in Libya.

This latest statement puts in place a roadmap for Libya’s efforts to increase production from 1.25 million bpd to 2 million bpd over the next two years.

The intention is to work with a number of partners, which include the Arabian Oil Company (AGOCO), Sirte Oil Company and Waha Oil Company, to reopen, rehabilitate and complete technical maintenance on several wells.

NOC subsidiary, AGOCO, is expected to reopen two of its wells in the Messla and Sarir oil fields, as well as rehabilitate a third in the Hamada oil field.

Meanwhile, oil exploration company, Mellitah Oil & Gas B.V., will perform rehabilitation at four wells at the Abu Attifel and Bouri fields. The company also plans to start drilling at three further wells, situated in Abu Attifel, El Feel and Bouri oil fields.

Akakus Oil Operations is also due to complete drilling and maintenance at several oil fields in the Al Sharara oil field. A force majeure was lifted on the oil field in January, and Akakus Oil expects to start producing 330,00 bpd from two of its wells.

At the end of May, the NOC announced that the Waha Oil Company had increased production by 40,000 bpd since October 2022. The latest geosphere 3D and long reach technology was used for the first time in the Dafa field, and the well was tested with results of more than 3,000 barrels.

Gas monetisation is a strategic focus for Libya, according to Farhat Bengdara, chairman of the NOC.

The country is only using 25% of its Greenstream pipeline capacity to Italy. It is also currently flaring over 400 million cubic feet of natural gas, and 12 projects are underway to reduce gas flaring to near zero.

In early March, the NOC confirmed plans to launch a licensing round at the end of 2024 or early 2025. To achieve this, it has 45 greenfield and brownfield projects in the pipeline.

At Eltumi Partners we are well placed to provide strategic commercial and legal advice to businesses looking to explore opportunities in the oil and gas sectors in Libya and the wider region.

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