Libyan oil producer invites bids for storage tanks project

30 May 2017

Companies have until 3 July to submit bids for onshore tank farm

Libya’s Arab Gulf Oil Company (Agoco) has invited companies to build crude storage tanks at its onshore oil fields.

Agoco, a subsidiary of state-owned National Oil Corporation, has extended the deadline for bids on the engineering, procurement and construction (EPC) tender to 3 July from a previous cut-off date of 29 May.

The project calls for the supply and installation of two tanks each with a capacity of 100,000 barrels along with a pipe system to the two tanks and associated facilities.

Agoco operates the Sarir, Nafoora, Messla and Bayda fields in the southeast of Libya and has a production capacity of over 400,000 barrels a day (b/d). Local media reported earlier this month that Agoco had restarted production at the Bayda field.

Libya is aiming to bring production up to 1.32 million barrels a day (b/d) this year, having earlier in May reported that its daily average production had reached 814,000 b/d due to the restart of production from the Sharara and El Feel fields.

Libya was producing about 1.6 million b/d of oil before the revolution and subsequent conflict from 2011.

The North African country was aiming to increase production to 900,000 b/d by the end of 2016. Despite missing this target, Libya has boosted production significantly from about 260,000 b/d in August 2016 as it reopened export terminals on the Mediterranean Sea.

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