Libya’s NOC and U.S. firm D & M work towards development of undeveloped oil and gas fields

News

September 2019 – On Tuesday, the Libyan state-owned oil company (NOC), its subsidiary Zallaf and De Golyer and MacNaughton (D & M), a major US oil consultancy firm, began talks to develop plans to implement value of discovered and undeveloped fields. This initiative is part of Libya’s goal to boost its oil supply in the coming years.

The project will also take into account the failed gas fields for example. A stranded gas supply is a natural gas perimeter that has been discovered but remains unusable for physical or economic reasons. Some gases flushed from oil wells are stranded gases that are unusable for economic reasons.

The NOC indicated that the three entities will work together to prepare technical studies and development plans for the fields discovered and then abandoned.

An NOC statement said the project will be implemented as soon as possible, not only to increase oil production rates, but also to ensure a continuous supply of gas to power plants.

According to information provided by The Libya Herald , all parties expressed the desire to undertake reservoir and field development studies, assessing reserves and preparing development plans as soon as possible.

Reporting by. Energy Mix Report

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