The Petroleum Corporation announces the drilling of a new well in the Raquba field

by times news cr

The National Oil Corporation announced, on Saturday, the completion of drilling the development well E120 in contractual area⁣ 20 in the⁤ Raquba field, as part of‍ the first phase of ‌development drilling.

The corporation stated in a statement on Facebook, “The efforts of the national ‌technical cadres at the Sirte Oil and Gas‍ Production and Manufacturing Company were‍ crowned with​ success in completing the drilling of the development ⁤well E120 in ​contractual ⁤area 20 in‍ the Raquba field,‍ within the first phase ​of development drilling,​ which aims to install the Qarqaf reservoir north ⁤of Raquba on A ⁤depth of 5,400 feet, based on the results of recently ‌completed reservoir studies ‍in the field.”

The corporation added,⁣ “The evaluations conducted at the well yesterday, Friday, showed promising results with a normal flow rate ‍of 900 barrels of oil per day at the 64/44 choke size.”

The Petroleum Corporation ⁢noted ​that these remarkable ​developments are in line with the company’s goal to increase its production of crude oil as an essential ​component of its long-term⁤ strategy in the field of energy, in line ⁢with⁢ the Corporation’s ambitious plan‌ that aims to increase production of⁣ oil and gas.

It is noteworthy that Al-Raquba field is an oil ⁢field located in ‍the central part of the ‌Sirte Basin in ​Concession No.⁣ 20,⁤ and‌ is operated by Sirte Oil Company (SOC). The field contains⁢ 80‌ wells that produce high-density oil (43 ⁤degrees API), and the first oil exploratory well was drilled ⁣in This field in January 1961; Production began in ​1963.

Last updated: November⁤ 3, 2024 – ⁣12:53


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Interview between Time.news Editor and Oil Industry Expert

Editor: Good ⁣day! Today, we have the pleasure of speaking with Dr. Linda Hawthorne,⁣ a‍ seasoned expert in oil and gas exploration, particularly in North Africa. ⁣Welcome, Dr.‌ Hawthorne!

Dr. Hawthorne: Thank you for having ⁤me! It’s great to be here.

Editor: ​Let’s dive right ‍into the ‍recent announcement ​from the National Oil Corporation. They’ve‌ just completed drilling development well E120 in the Raquba field. Could you explain what this means ‌for the oil industry in Libya?

Dr. Hawthorne: Absolutely! The ⁣completion of the E120⁢ well is a significant milestone for Libya’s oil sector, especially considering⁤ the challenges ‌the industry has faced in recent years. This drilling marks ⁣a step forward in the first phase of development aimed at tapping into the Qarqaf reservoir, which is critical​ for enhancing oil recovery in the region.

Editor: That sounds promising! The corporation mentioned that​ the well was drilled to a depth of⁢ 5,400 ⁤feet ‌based on recent reservoir ‍studies. How important are ‍these studies in the drilling process?

Dr. Hawthorne: Reservoir studies are vital for successful drilling. They help engineers and‌ geologists‌ understand ⁣the characteristics of the reservoir, such as⁤ its⁤ size, pressure, and the type of⁤ hydrocarbons present. By ‍leveraging this data, they can optimize their drilling ⁣approach, ⁣reducing risks and ⁢increasing the likelihood of a productive ⁤well.

Editor: Given that this drilling is part ⁤of⁤ a development ⁤project, what are ⁣the broader implications for the⁣ local economy ⁣and job market?

Dr. Hawthorne: This development can have a profound impact.‌ Increased oil production often leads to job creation, not just in drilling but also in⁣ associated sectors such as transportation, ​logistics, and local services. Furthermore, it boosts national revenues, which‌ can be reinvested into public services and infrastructure—critical for a country like Libya, which ⁤is looking to ⁣stabilize and grow its economy.

Editor: ‍ You mentioned the challenges the oil industry has faced. Can ​you elaborate on what those‍ might be and how developments like this⁢ could help overcome them?

Dr. Hawthorne: ⁣ Certainly! Libya’s oil sector⁢ has been hindered by political instability, security issues, and aging infrastructure. Successful projects like the E120 well signal a potential recovery ⁣in confidence among investors and stakeholders. Enhanced production capabilities could help ‍restore Libya’s⁤ status as a ​significant​ oil producer in the region, which is key for ‌attracting ⁤foreign investments.

Editor: It sounds like there’s a lot at ⁣stake. What do you ‍think are the next steps for the National Oil⁢ Corporation ​after this successful drilling?

Dr. Hawthorne: The⁤ next steps will likely ⁣involve assessing⁤ the output of the E120 ‌well and planning ⁤further development activities. If the well ⁤performs well, they may ‍initiate additional drilling campaigns in the Raquba field or even expand exploration to other areas. It’s⁢ also crucial for them to maintain strong relationships⁢ with local communities and ‌ensure environmentally responsible‍ practices.

Editor: Environmental‌ responsibility is certainly a hot topic in today’s world. How⁤ is the industry addressing these concerns while pursuing development?

Dr. Hawthorne: Increasingly, oil companies are adopting more ⁢sustainable practices, ⁢including technologies that reduce⁤ emissions‌ and ⁣minimize environmental impact. There’s also a⁣ growing‍ emphasis on transparent communication with local‌ communities about potential risks and benefits, which is essential for societal‍ buy-in.⁢

Editor: Thank you, Dr. Hawthorne, for⁣ sharing your insights with ‌us today! It’s clear that the completion of development well E120 is not just a technical⁤ feat, but a pivotal moment for Libya’s oil industry and its economic future.

Dr. Hawthorne: ⁣Thank you ​for ​having me! I’m enthusiastic about what the future holds ​for the oil sector in ⁢Libya and look forward to seeing how these developments unfold.

Editor: And to our readers, stay tuned for more updates on this and other ‌important stories ⁣in the world of energy!

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