Sirte Oil boosts output to 110,000 barrels a day, targets further gains
Speaking at the company's annual technical meeting on production and reserves development, Hammad said Sirte has added new fields to output, drilled horizontal wells with modern technology and advanced support projects, including supplying operating wells with electric submersible pumps and securing additional power sources to improve efficiency.
The company has re-evaluated reserves at several fields and expanded technical studies with local and international partners. It has also begun installing systems to measure gas emissions from fixed sources at operational sites, part of efforts to meet environmental standards. Economy Tagged: Sirte Oil & Gas Company
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Libya Observer
12 hours ago
- Libya Observer
Menfi forms technical committee to inspect electricity and oil contracts
The media office of Presidential Council's Head Mohammed Menfi announced that, in his capacity as head of the High Financial Committee, he intends to issue a decision to form a specialized technical committee to inspect and audit contracts in the oil and electricity sectors, with the aim of reviewing spending patterns and contractual obligations. According to the media office, the committee will work in coordination with local oversight and auditing bodies, and in communication with the UN Security Council Sanctions Committee under Resolution No. 1970 of 2011. This step, the media office said, comes amid the allocation of billions to support the two sectors without achieving the desired results. The committee also aims to establish legal standards to ensure transparency in exploration contracts and the development of fields offered in the public tender round. The office noted that neither sector has recorded any notable improvement in oil production, while the electricity network continues to suffer—especially during peak demand periods. According to Central Bank of Libya data, the total expenditures of the National Oil Corporation during 2023–2024 amounted to 24.2 billion Libyan dinars, while total spending by the electricity company during the same period reached 10.3 billion dinars, both under the exceptional financial arrangements budget line. Tags: Mohammad Menfi Electricity fuel crisis
Libya Observer
3 days ago
- Libya Observer
Sirte Oil boosts output to 110,000 barrels a day, targets further gains
Sirte Oil and Gas Production and Manufacturing Co. raised crude output to 110,000 barrels a day by the end of July, up 8,000 barrels from the previous average, Chairman Mustafa Hammad said. The Libyan state-run producer aims to lift production to 126,000 barrels a day by December, contingent on budget approvals for drilling, maintenance and development projects. Speaking at the company's annual technical meeting on production and reserves development, Hammad said Sirte has added new fields to output, drilled horizontal wells with modern technology and advanced support projects, including supplying operating wells with electric submersible pumps and securing additional power sources to improve efficiency. The company has re-evaluated reserves at several fields and expanded technical studies with local and international partners. It has also begun installing systems to measure gas emissions from fixed sources at operational sites, part of efforts to meet environmental standards. Economy Tagged: Sirte Oil & Gas Company
Libya Observer
3 days ago
- Libya Observer
Libya-Italy Economic Forum launched in Tripoli amid security challenges
The Head of the Presidential Council, Fayez Al-Sirraj, inaugurated the Libya-Italy Economic Forum in a Tripoli hotel on Thursday. Chairman of Italian-Libyan Commerce Chamber, Italian businesspersons and vice Italian ambassador as well as Libyan officials and ministers were attending the event. "We are still facing today security challenges given what happened Wednesday at the elections commission building in Tripoli. Such a terror attack is similar to those striking Europe and other Arab countries. These crimes need joint efforts across the world to end them once and for all." Al-Sirraj said, according to his media office. Al-Sirraj said Libya looks forward to seeing the new economic partnership bring about investments in different fields like infrastructure, financial sector, tourism and energy, among others. "We are planning a partnership between private and public sectors based on a study that would benefit the two countries." He explained. Al-Sirraj said that the solution for the illegal immigration crisis can pave the way for investments in fields such as the sea sector and the coastal line, which could be a perfect fit for tourism investment, adding that development projects can be also started in southern Libya so the non-central method of governance can begin, "which we already did today," he added. Meanwhile, the Chairman of Italian-Libyan Commerce Chamber reiterated the importance of economic cooperation with Libya for both countries. The Economic Forum aims, according to the organizers, to establish Libyan-Italian partnership to boost the country's ailing economy. Oil, gas, renewable energy, infrastructure and other fields like education and tourism are the main partnership goals between Libya and Italy. On July 08, 2017, Italy hosted the previous Libya-Italy Economic Forum . Tags: Italy Tripoli Libya-Italy Economic Forum
