AGOCO to drill 93 new wells

Arabian Gulf Oil Company (AGOCO) chairman Mohamed Ben Shitwan announced Monday that the company is planning a 93-well drilling campaign in its Libyan concessions. Shitwan made the announcement at the 4th New Libya Oil & Gas Forum in London.

Drilling will potentially allow AGOCO to access about 87.8 bcm (3.1 tcf) of natural gas and more than 2.3 billion barrels of oil and condensate, according to Shitwan’s presentation.

“[W]e can double or triple the reserve from our reservoirs,” Shitwan was reported as saying by Rigzone.

The Libyan company, a subsidiary of the state-owned National Oil Corporation, holds stakes in eight of the country’s fields. AGOCO’s fields include Beda, Messla, Hammada and Sarir, which is the largest of the country’s oilfields, with current production of around 130,000 barrels of oil per day.

Though Libya’s hydrocarbons industry has suffered from various problems since its 2011 revolution, AGOCO still produces about 250,000 barrels of oil per day.

For more news and features on Libya, click here.