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April 28, 2022

Area 47 Conventional Oil Field, Libya

By Carmen

Area 47 is a conventional oil development located onshore Libya and is operated by Nafusah Oil Operations. Discovered in 2007, Area 47 lies in block Area 47.

The project is currently in approval stage and is expected to start commercial production in 2025. The Area 47 conventional oil development will involve the drilling of approximately seven wells.

Field participation details

The field is owned by Libyan Investment Authority, PT Medco Daya Abadi Lestari and National Oil Corporation of Libya.


Production from Area 47

Production from the Area 47 conventional oil development project is expected to begin in 2025 and is forecast to peak in 2027, to approximately 46,906 bpd of crude oil and condensate and 87 Mmcfd of natural gas. Based on economic assumptions, the production will continue until the field reaches its economic limit in 2079.


Remaining recoverable reserves

The field is expected to recover 319.64 Mmboe, comprised of 257.19 Mmbbl of crude oil & condensate and 374.67 bcf of natural gas reserves.


Contractors involved in the Area 47 conventional oil field

Some of the key contractors involved in the Area 47 project as follows.

Design/FEED Engineering: John Wood Group and National Oil Corporation of Libya

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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