On Monday, Akakus Oil Operations announced that it had completed drilling well B-50 NC-115 in a relative record time. Akakus added that 15 wells have been drilled from the beginning of January 2023 until now, with an estimated productivity of 25,000 barrels per day. The company said this achievement comes as part of the efforts made to improve the performance rates of drilling operations and maintenance of oil wells, achieving the target in the shortest possible time, and reducing the costs of drilling operations. Increasing oil production has proven challenging for LibyaIt will be recalled that Libya seeks to increase oil production from its current 1.2 to 1.3 million barrels per day to 2 million bpd, but in reality, has struggled to move beyond its current rate. Earlier this year, the state National Oil Corporation chairman, Farhat Bengdara, said Libya needs investments worth 4 billion dollars annually just to maintain its current volume of oil production, with the aim of modernizing the infrastructure and developing services in the oil fields.

Source: Libya Today December 06, 2023 09:47 UTC