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Tuesday, October 20, 2015
News from the 4th New Libya Oil & Gas forum has Libya’s NOC subsidiary Arabian Gulf Oil Company (AGOCO) scheduling a whole host of wells for drilling over the next decade. AGOCO chairman, Mohamed Ben Shitwan, in a presentation said that the company would drill 93 wells over a ten-year period.
The new wells have a target potential in excess of 2.3 billion barrels of oil/condensate and 3.1 Tcf of natural gas, Shitwan said during his presentation.
“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 told attendees. He went on to say that Sarir, Libya’s biggest oilfield, is currently producing 130,000 bpd, however, based on the forecast from studies “done by experts”, the field has the potential to produce 250,000 bpd.
The AGOCO chairman said that as far as the security situation at its assets, everything was normal with no security breaches or abnormalities recorded by the company.
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