AGOCO Boosted Oil Output to 290,000b/d

AGOCO Boosted Oil Output to 290,000b/d

In steady steps for boosting output, Libya‘s Arabian Gulf Oil Company (AGOCO) has increased production to 290,000b/d of oil and hopes to reach 350,000b/d by the end of the year, reported Africa TVC News.

AGOCO, a subsidiary of the National Oil Corporation (NOC) that operates mainly in eastern Libya, has boosted its output from about 150,000b/d since military commander Khalifa Haftar took control of some of the country’s main oil terminals from a rival force during September, according to Reuters.

AGOCO’s Chairman, Mohamed Shatwan, said that the company’s production should reach 300,000b/d by early October, barring any technical problems, adding a further 50,000b/d by the end of 2016. He concluded that the company aims to push production to reach 400,000b/d in the long term.

Egypt Oil&Gas reported earlier that AGOCO had raised its output to 210,000b/d after production resumed at the Nafoura and Hamada fields. This came as Libya boosted crude production by more than 70% since August with some of the country’s oil fields resuming output and export terminals in the OPEC country reopening for their first overseas loading in two years.


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