Money and Businessnews

Japanese partners propose Libya crude production hike

The Address | Benghazi – Libya

TOKYO – A Japanese consortium including Japex and Sojitz has conducted a study into further development and ramping up production at three onshore oilfields in Libya.

Libya’s state-owned National Oil Company (NOC) revealed the consortium last week gave a detailed presentation of the company’s optimum development plans to boost output from Concession 47 to around 80,000 barrels per day of crude.

Production oil from the Beda and Haram fields on the block is currently less than 10,000 bpd, while the Al-Haram heavy oil field, which was discovered back in the 1960s, has never been exploited.

NOC added that the consortium will in the coming days present a modified development plan for the fields, together with their proposal for the type of contractual arrangement.

NOC officials last week met with the Japanese partners studying the development of Concession 47 in the Sirte basin. The study follows a memorandum of understanding, which was signed back in 2009.

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