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Oil Rises After Choppy Start To The Week

Oil Rises After Choppy Start To The Week

Oil prices rose by roughly…

Libya’s NOC Will Resume Phase 2 At Top Gas Field Soon

Sanalla

Libya’s National Oil Corporation will soon resume the Phase 2 development of the Bahr Essalam field—the largest producing offshore gas deposit in the country—and by the end of the year, the phase should be completed. This is what NOC’s chairman Mustafa Sanalla said in a statement following a meeting with Italian Eni’s head, Claudio Descalzi. Eni and NOC operate Bahr Essalam jointly.

The second phase of development of the field began in July this year and was supposed to be finalized last month, but work was delayed. This phase should add, according to Eni, 400 million cu ft of natural gas to its daily production, which now stands at 700 million cu ft. The field’s reserves are calculated at more than 260 billion cubic meters of natural gas.

At the time when Phase 2 was launched, NOC’s Sanalla said the field’s development would benefit Libya’s economy by reducing its dependence on liquid fuel imports for its power plants.

At the same time, Libya continues to boost its crude oil production, it’s flagship export commodity, despite disruptions, to raise its crude oil production to more than 1 million bpd so far this year. This could rise substantially once BP and Eni resume production at a field they co-operate.

BP has 85 percent in an offshore oil and gas block in the North African country, and earlier this year the Italian major struck a deal with BP to buy half of it. BP’s chief executive Bob Dudley told Reuters last month the two will begin exploratory drilling in the first quarter of 2019.

BP won two exploration licenses in Libya back in 2007, but the 2011 civil war interrupted its plans for the country. This will be the first project that the UK-based supermajor will undertake in the still troubled country after the end of the civil war.

By Irina Slav for Oilprice.com

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