Tag Archives | oil production

Libya aims to raise Oil Production to 2.1m bpd

By Adam Nathan (@adamgnathan). Mustafa Sanalla, Chairman of the National Oil Corporation (NOC), said Libya plans to raise its oil production level from 1.25 million barrels a day now to 2.1 million bpd by 2024. Sanalla revealed the ambitious production target at a one-day conference organised by the Libyan British Business Council (LBBC) in Tunis […]

Increased Oil Production at Wafa Field

By John Lee. As part of the National Oil Corporation (NOC)’s plan to increase crude oil and natural gas production capacity and rates, Mellitah Oil and Gas Company (MOG) tied in a new well A-57 in its Wafa field into production on Tuesday, November 5, 2019. A-57 has a production capacity of 15 million cubic […]

AGOCO increases Nafoura field production capacity

By John Lee. Within the framework of the National Oil Corporation (NOC)‘s plan to increase production rates and to implement the targeted programme of work within the framework of the approved extraordinary budget, Arabian Gulf Oil Company (AGOCO) has conducted a stimulation of well Y-01 in the Nafoura non unit field where AGOCO is sole […]

Libyan Oil & Gas Revenues Down 11% in September

By John Lee. Libya’s National Oil Corporation (NOC) reported September 2019 revenues of approximately 1.8 billion USD, a decrease of 223 million USD (11%) compared with August, and an increase of 150 million USD (9%) compared with September last year. NOC’s revenues come from sales of natural gas, crude oil and assorted derivative products, in […]

NOC warns of Sharp Decline in Oil Production

By John Lee. The National Oil Corporation (NOC) has warned that Libyan oil production may fall precipitously over the next nine months if the government continues to withhold already approved budgets. NOC recorded August 2019 revenues of approximately 2 billion USD, a decrease of 117 million USD (5%) compared with July, and an increase of […]

June Oil Production Down

By John Lee. Libya’s National Oil Corporation (NOC) has announced June income of $1.7 billion from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts – a month-on-month decrease of $580 million (-25%). Accordingly, half-year recorded oil and gas revenues for 2019 amounted to $10.3 billion USD […]

Force Majeure Lifted on Sharara Loading from Zawiya Port

By John Lee. The National Oil Corporation (NOC) has lifted the force majeure on Sharara crude oil loading from Zawiya port (pictured), following the opening of a closed valve on the pipeline connecting the Sharara oilfield to the Zawiya terminal. Valve 13 was reopened on Sunday evening, July 21, 2019, at 8:20 pm. The valve […]

24% Increase in Libyan Oil Revenues

By John Lee. The National Oil Corporation (NOC) has announced May income of 2.3 billion USD from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts – a monthly increase of approximately 448 million USD (+24 percent). Revenue figures were bolstered by sustained global oil prices, in […]