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!