• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours Could Venezuela become a net oil importer?
  • 2 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 11 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 17 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 11 hours Why is permian oil "locked in" when refineries abound?
  • 8 hours Gazprom Exports to EU Hit Record
  • 50 mins Oil prices going down
  • 7 hours Oil Buyers Club
  • 8 hours Could oil demand collapse rapidly? Yup, sure could.
  • 9 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 6 hours Saudi Arabia turns to solar
  • 1 day Teapots Cut U.S. Oil Shipments
  • 11 hours EVs Could Help Coal Demand
  • 1 day Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 17 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
What Will Follow The Age Of Oil?

What Will Follow The Age Of Oil?

Natural gas production is exploding…

French Technip Lands $500M Deal for Libyan Offshore Oil Platform

Bahr Essalam Oilfield

French oil services company Technip has signed a preliminary deal worth US$500 million to refurbish a key Libyan offshore oil platform in partnership with Libya’s National Oil Company (NOC) and Italian Eni, Reuters reported.

The drilling platform lies in the offshore Bahr Essalam oil field, 100 kilometers from the capital Tripoli. The platform is operated by Mellitah Oil and Gas, a joint venture between Libya's NOC and Eni.

According to Technip, installation is scheduled for the second half of 2017 through to the second half of 2018 and they are targeting 12.6 million barrels per day in production.

Related: Flower Power Takes On A New Meaning With Pollen Batteries

In March, Mellitah Oil and Gas announced what they called a significant discovery at Bahr Essalam, with a well producing 29 million cubic feet per day of gas and over 600 barrels per day of condensate in testing. The company said the well could eventually produce over 50 million cubic feet of gas per day and 1,000 barrels of condensate per day.

The deal is being lauded as part of French efforts to support the UN-backed Government of National Accord (GNA), which controls the Tripoli-based National Oil Company (NOC).

Related: Driving Season Could Jolt Oil To $60

On Sunday and Monday, Libya’s Petroleum Facilities Guard (PFG), loyal to the GNA, said it had captured of the two strategic towns from ISIS.

Earlier this month, the Tripoli-based Libyan government announced the resumption of exports from the eastern port of Hariga, which has been under the control of the parallel eastern government based in Tobruk.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News