Houston – The Arabian Gulf Oil Company (AGOCO) announced steps to boost its production capabilities. This will be achieved by attracting the latest American technologies. The announcement followed intensive technical meetings. These meetings occurred on the sidelines of AGOCO’s participation in the CERAWeek Global Energy Conference. The conference was held in Houston, USA.
Company Chairman Engineer Mohamed bin Shatwan explained this move. AGOCO aims to introduce new international competitors to the Libyan market. This particularly targets companies specializing in technical services. It also targets those offering innovative solutions.
Discussions included global companies such as Fusion and Petro-Bio. HKN Energy was also part of the talks. The goal was to explore cooperation opportunities. They also sought investment in developing oil fields.
Discussions focused on applying Enhanced Oil Recovery (EOR) techniques. This includes gas, water, and chemical injection. EOR aims to increase well efficiency. It also extends their productive lifespan.
Solutions for operational challenges were also discussed. These challenges include treating deposits and blockages. Such issues impede crude oil flow within wells.
Environmentally, Engineer Shatwan emphasized the company’s commitment. AGOCO focuses on treating associated produced water. This treated water will be used for irrigation. It will also be used for other purposes. This step aims to improve the environmental performance of oil operations.
He noted these moves open broad horizons for foreign investment. This applies to the Libyan oil sector. It supports the state’s strategy to increase daily production rates. It also aims to reduce operational costs. This reduction will occur through fair technical competition.