Libya’s General People’s Committee decided on 09/09/2009 to invest 12.1 billion dinars ($9.92 billion) to develop and maintain 24 oil wells the government described as "technically, financially and economically proven productive fields", the cash will be borrowed from local banks and local Libyan or JV companies would only take part in the scheme.
It will include main oilfields among the 24 wells involved in the development programme such as Waha-Jalou North field which would see its production capacity up by 100,000 barrels per day (bpd) with a total investment of 1.6 billion dinars.
And Nafoura-Oujlaa-Khleej field to increase it to 130,000 bpd of output capacity with a total investment of 1.3 billion dinars.
NOC is tasked with carrying out a study of 13 other fields to find out whether they would be included in another development plan.
Libya has the largest proven oil reserves in Africa, set at 41.5 billion barrels and Europe’s single biggest oil supplier. Libya, an OPEC member, produces about 1.8 million bpd of oil and hoping to increase its daily production to 3 million bpd by 2015.
Source: Reuters, GPC and Sahra Oil Consultancy Ltd
Source: Reuters, GPC and Sahra Oil Consultancy Ltd
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