Page 9 - AfrOil Week 05 2023

AfrOil PERFORMANCE AfrOil

In the fourth quarter of 2022, production aver- a positive impact on production levels in the
aged 942 boepd net, equivalent to 884 bpd of oil second half of 2023, and full year guidance will
and 58 boepd of gas. This reflected the expected be provided once the results of the ASH-8 and
decline from the existing wells, a proportionally ASD-3 wells are available, the company said. ™
higher decline in the lower-value gas volumes
and the fact that a number of wells were shut
in pending workovers to return production. A
number of these workovers were planned for
late 2022 but were delayed due to operational
issues. They are now expected to be completed
in the first quarter of 2023.
The company’s production guidance for Abu
Sennan forecasts 700-900 boepd net for the first
half of 2023. The upper end of the guidance
includes risked contributions from the planned
workovers and a pro-rated contribution from
the ASH-8 development well, which is assumed
will be brought onstream in May 2023.
The development drilling planned in the
first half of the year has the potential to have Abu Sennan is an onshore licence area (Image: Kuwait Energy)

Libya working to raise crude oil

output to 2mn bpd in 3-5 years

LIBYA LIBYA’S Oil Minister Mohamed Oun said the consumption, and the rest can be exported,”
Government of National Unity (GNU) is work- he told Sputnik. Last week, Libya’s state-owned
ing to raise the country’s oil production to 2mn National Oil Corp. (NOC) and Italy’s energy
barrels per day (bpd), up from the current level group Eni signed a production agreement to
of 1.225mn bpd, to meet domestic consumption spend $8bn to extract about 850mn cubic feet
and exports, as cited by Sputnik on January 29. (22.7mn cubic metres) per year from two off-
Oun added that Libya’s oil-refining capacity shore gas fields in the Mediterranean Sea
remained limited, pointing to extension plans Libya lifted force majeure on upstream oil
for oil refineries in Az-Zawiyah as well as prepa- and gas operations in December in a move to
rations for building new plants. encourage foreign oil firms to resume explora-
He also noted that boosting gas production tion and production work in the country. The
would take three to five years “We have vast gas OPEC member wants international oil compa-
deposits. They can be developed. It is possible nies (IOCs) such as BP, Shell, TotalEnergies, and
that there will be enough surplus for domestic Eni to resume their activities.

NOC’s business plan encompasses the expansion of the Az-Zawiyah refinery (Photo: NOC)

Week 05 02•February•2023 www. NEWSBASE .com P9