Farhat Bengdara, Chairman of Libya’s NOC this week repeated plans to hit 2mn b/d output and attract $17bn in upstream investment over the next five years (MEES, 1 December). Within this he says a key “priority is to boost gas production.”
Notwithstanding an $8bn deal signed earlier this year with Eni to develop 6tcf of gas reserves on ‘Structures A&E’ offshore Tripoli (MEES, 3 February), Mr Bengdara says that “from 2025, Libya’s two main gas fields, Wafa and Bahr Essalam, will begin to enter a phase of decline. As of 2025, we will begin to face a problem, not only to export, but to meet the demands of the General Electricity Company and the domestic market.” These comments mesh with official NOC forecasts produced at the time of the ‘A&E’ award which indicate that even with the new volumes fully onstream from 2029 production will remain well below 2022 levels (see chart & MEES, 18 August). (CONTINUED - 1040 WORDS)
