Libya’s Waha Ramps Up Output To 260,000 b/d But Challenges Lie Ahead

Crude output from the Waha Oil Company has more than doubled since the beginning of August. But plans to further hike production are stymied by a lack of finance and continued insecurity.

Waha Oil Company (WOC) is currently producing about 260,000 b/d, compared to just over 120,000 b/d in early August, according to comments made by the company’s chairman, Ahmed Ammar, at a conference in Tunis on 21 November. WOC is one of the major resource holders in the oil-rich Sirte basin in Libya’s east.

Even if Mr Ammar’s figures include associated gas production, this would still imply crude output of an estimated 235,000 b/d, along with about 145mn cfd of gas, based on figures from 2012-13, the last time WOC fields were producing at a similar level.

According to figures from US firm and WOC partner Marathon earlier this year, gross output on 2 August was 122,000 boe/d, including 116,000 b/d of crude. At the time this was the highest level since late 2014, when it was sustained only briefly. Marathon (16.33%) is one of three US firms in the WOC venture alongside ConocoPhillips (16.33%) and Hess (8.16%). State-owned National Oil Corporation (NOC) has the largest share in the company (59.16%).


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