Archive
Sirte Oil Company achieves a historical increase in crude oil production
Sirte Oil and Gas Production and Processing Company today, December 17, 2020, achieved new and unprecedented crude oil production which exceeded 100,000 barrels per day comparing with an average rate of 55,000 BOPD , an increase that exceeded its production by nearly double before the oil blockade at the beginning of this year.
This unprecedented increase, which was reached in a record time, was achieved after the implementation of the approved exceptional budget programs, this program includes the work over of a 24 oil wells, the conversion of the artificial lift methods from gas lift to the installation of electric submersible pumps, and the implementation of the development program for the El-Harach layer in South Zelten by drilling nine development wells in addition to execute rig less wells interventions, including activation by acidization , hydraulic fracturing, and some other restoration activities.
On this historical occasion, the Chairman of the National Oil Corporation ( NOC ) Eng.Mustafa Sanalla made a telephone call with Sirte Company’s Chairman Mr. Massoud Suleiman, members of the Board of Directors, some of the general managers, managers, specialists, and employees of the company, where Mr. Sanalla addressed a word of thanks in which he said: ‘In my name and on behalf of my colleagues, the members of the Board of Directors, I thank Sirte Oil and Gas production company in all its administrative levels, from the Board of Directors, general managers, managers, supervisors, engineers, and technicians and all those who contributed to this great work of doubling production and increasing libya’s income in a very short time, despite the reduction of the Libyan Central Bank ( CBL ) to the budgets needed by the NOC to run the sector, the low level of services, the scarcity of financial resources, and the suspension of training programs, but the company’s workers have withstood and performed an extraordinary job, and their only motivation was high patriotism and their love for their homeland and their affiliation with the oil sector.
It is worth noting that the budget spent for the implementation of these programs was recovered and the capital spent on the production enhancement was achieved and returned in less than thirty days.
This confirms that investment in the oil sector is one of the most important projects in terms of profitability and economic feasibility.
Bearing in mind that the National Oil Corporation had presented an integrated program for the Libyan state during the month of September 2019 and an integrated plan to increase the production capacity of the oil and gas sector, which was approved in October 2019.
The concerned companies began implementing this plan with their operations, but they were partially affected by the closure of oil fields and terminals and the Corona pandemic.
In spite of that, and as soon as the oil fields and terminals were reopened, the positive results of these programs began to be evident in increasing production rates,the increase of production at SOC is an evidence of that.