Libyan Oil Well Revived After 17 Years, Boosts Production

The Arabian Gulf Oil Company (AGOCO) has successfully reactivated a dormant oil well in Libya's Sarir oil field, marking a significant milestone in the country's efforts to increase oil production. The well, designated as C309-65, had been non-operational for 17 years before AGOCO's intervention.

Using advanced directional drilling techniques, re-entry technology, and state-of-the-art equipment from companies like Kamco and Baker Hughes, AGOCO engineers were able to convert the observation well into a productive one. The well is now yielding 1,134 barrels of oil per day with a low water cut of just 2.9%.

For the first time in North Africa, the latest smart completion tools (AICV) developed by Norway's Inflow Control and Smart Well Company were deployed to minimize water production in the well. This development highlights not only the capabilities of Libyan engineering talent but also signals a promising advancement in oil extraction technology for the region.

Why this matters: The successful revival of well C309-65 represents a significant step forward for Libya's oil industry, which has faced numerous challenges in recent years. The increased production from this single well contributes to Libya's ambitious plan to boost its overall oil output and strengthen its position in the global energy market.

The Chairman of Libya's National Oil Corporation (NOC), Farhat Bengdara, emphasized the importance of scientific research and human resource development in the oil and gas sectors during the recent Technology of Oil & Gas and Sustainable Energy International Conference & Exhibition (TOGSE) in Tripoli. "This is part of [NOC's] ambitious plan to increase production rates," the NOC stated, underscoring the significance of the well's reactivation.

Libya's Acting Minister of Oil and Gas also forecasted that oil prices could reach $100 per barrel due to ongoing supply-demand imbalances and escalating geopolitical tensions. The revival of well C309-65 and the potential for further production increases could help Libya capitalize on these market conditions and bolster its economy.

Key Takeaways

• AGOCO reactivated a dormant oil well in Libya's Sarir field after 17 years.
• The well now yields 1,134 barrels per day with 2.9% water cut, using advanced tech.
• This marks a milestone in Libya's efforts to boost oil production and revenue.
• NOC plans to increase production rates through scientific research and development.
• Libya expects oil prices to reach $100/barrel due to supply-demand imbalances.