AGOCO to Drill 93 Wells in Libya within 10 years

The Arabian Gulf Oil Company (AGOCO) is planning to drill 93 wells in its Libyan concession areas within the next decade, according to a presentation by the company’s chairman, Mohamed Ben Shitwan, at the 4th New Libya Oil & Gas Forum 2015 in London.

AGOCO, a National Oil Company Libya subsidiary, has interests in eight fields in the country, with the main producers being Sarir, Messla, Nafoora, Beda and Hammada. The new wells have a target potential in excess of 2.3 billion barrels of oil/condensate and 3.1 trillion cubic feet of natural gas, according to Shitwan’s presentation.

Addressing a room of oil and gas industry delegates, Shitwan said:

“For me, for AGOCO, from EOR [Enhanced Oil Recovery] and exploration and existing fields, we can double or triple the reserve from our reservoirs”

Shitwan stated that Sarir, Libya’s biggest oilfield, is currently producing 130,000 barrels of oil per day, however, based on the forecast from studies “done by experts”, the field has the potential to produce 250,000 barrels per day.

The current security position of AGOCO is categorized as normal, according to Shitwan, and no security breaches or abnormalities have recently been recorded by the company. Prior to Shitwan’s declaration, Eni S.p.A, one of the few international oil companies still operating in Libya, suffered a spate of security threats in the country.

Source: 4th New Libya Oil & Gas Forum 2015 hosted by IRN


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