The Arabian Gulf Oil Company (AGOCO), National Construction and Al-Jawf companies have warned of negative consequences due to the continued delay in disbursing their operational budgets, considering this issue a major obstacle to projects aimed at increasing production.
The warning came during the first session of the General Assembly of the National Oil Corporation (NOC) in Benghazi on Sunday, where the difficulties faced by the three companies were discussed, according to a statement by the NOC.
The session reviewed the plans and programs of these companies, their strategic projects, and their budgets for 2024, as well as key projects planned for this year to boost production, achieve set targets, and the required budget allocations.
The heads of the management committees of the three companies highlighted the challenges hindering production increase projects due to a shortage of operational funds. They warned that further delays in budget disbursement would negatively impact production stability, which is currently set at 1.4 million barrels per day.
The acting Chairman of the NOC Board of Directors and Head of the General Assembly, Masoud Suleiman hailed the efforts of the Arabian Gulf Oil Company, particularly its success in the “L63” project, which added two power units with a capacity of 36 megawatts, connecting them to the network at the Messla and Sarir fields.
“This has enhanced power production, which will contribute to increasing oil output.” Suleiman said, calling for accelerating work on the Messla and Sarir gas exploitation project, citing its importance in stabilizing the network and strengthening supplies.
Meanwhile, the NOC highlighted its board members’ appreciation for the efforts of the National Oil Construction Company, which successfully completed various projects, including the maintenance of Tank No. 1 at Sirte Oil Company, preparatory construction work for the early production facility at Mabrouk Oil Company, linking production lines to Well “C-335,” and increasing storage capacity at Waha Oil Company.
They hailed as well Al-Jawf Company’s success in increasing production rates through early production projects in partnership with Zallaf and Nafusa, as well as its support for sector companies by supplying essential production materials.