On November 23, 2024, the Arabian Gulf Oil Company (AGOCO) announced the resumption of manufacturing and delivering spare parts from its Qanfouda site to various oil fields. This initiative aims to support local manufacturing and enhance operational efficiency, reflecting AGOCO's commitment to reducing import-related expenses and improving supply operations [aaa3de9c].
Earlier, on November 17, 2024, AGOCO reported a significant boost in oil production following the integration of a newly drilled well in the Nafoura oil field, which has increased output by approximately 2,000 barrels per day. This development is part of AGOCO's broader strategy to connect an additional 16 wells, aimed at further enhancing production capacity [4306ca87].
AGOCO's initiatives are being carried out in collaboration with Libya's National Oil Corporation (NOC), reflecting a concerted effort to support the country's economic recovery amidst challenging market conditions. The company has reiterated its commitment to maintaining and increasing output, demonstrating resilience in the face of fluctuating global oil prices [4306ca87].
In a related effort, on August 24, 2024, Mohammed bin Shatwan, Chairman of AGOCO, met with Derek Burke, President of Solar Turbines, to discuss the establishment of a service center in Libya dedicated to providing spare parts and maintenance for oil industry equipment. This center is expected to enhance AGOCO's operational efficiency and support the training of local personnel [3cc3adf4].
The integration of new wells and the establishment of the service center, along with the resumption of local spare parts manufacturing, are all part of AGOCO's strategy to bolster its infrastructure and ensure sustainable production levels in the Libyan oil sector [3cc3adf4][4306ca87][aaa3de9c].