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Wednesday, October 31, 2018
Libya’s AGOCO, a subsidiary of state-run NOC, restarted production at the al-Bayda oilfield in the eastern part of the country. This is the latest field to restart following the heavy fighting that took place in mid-2018.
The field has a current capacity of about 12,400 bpd.
In June, an armed group attacked the eastern ports of Es Sider and Ras Lanuf, forcing NOC to declare force majeurefor several weeks.
Exports have since resumed, but some oil port storages were hit during the heavy fighting, forcing the closure of the al-Bayda field, an engineer at the field was cited a saying in a Reuters report.
The restart of production will aid in NOC in its plan to reach crude production totals of 1.6 million bpd by the end of the year. The country has not seen its flows hit this level since former ruler Muammar Qaddafi was still in office.
It will also help to raise NOC’s revenues from oil and gas. The company recently released its revenue report for the month of August which showed that monthly oil and gas revenues for the month were just over $1.57 billion, a drop of nearly $455 million from the previous month.
The fall in August revenue is attributable to the continued state of ‘force majeure’ in the first half of July at the Gulf of Sirte oil terminals – originally declared in the second half of June. Oil production was also affected by ongoing security challenges at Sharara. Total revenue loss during this period amounted to $639 million.
The state-run firm expects that its report for September revenues will show a return to normal levels following healthy advanced spot sales and on-target production.
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