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Waha Oil Company implements Powered Dump Flood Technology in North Daffa Station
via Libya Herald1 min read
Waha Oil Company has successfully implemented Powered Dump Flood Technology in well B-225i at the North Daffa Station in Waha Field. This new technology, a first for the company, integrates water injection and production processes within the same well through geological formations, offering an alternative to separate injection wells. The initiative, a collaborative effort by the Operations, Drilling, and Reservoir Engineering & Production departments, aims to develop dump-flood well operations. Initial results, overseen by national engineers and technicians, indicate the trial's success. Waha Oil Company expects this technology to reduce operating costs, enhance performance efficiency, and support reservoir pressures to counteract natural decline, potentially leading to its broader application in similar wells to ensure stable and increased daily production rates.
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Libyan Prime Minister Abdel Hamid Aldabaiba participated in a National Dialogue on "The Role of the Banking Sector in Revitalizing Housing and Urban Development Projects," organized by the Ministry of Housing and Reconstruction. The Prime Minister highlighted that housing in Libya is now an economic and social concern, requiring a shift from piecemeal solutions to a comprehensive, long-term national policy. The government aims to build an integrated housing and real estate finance system through a partnership between the state, banks, and the private sector. This initiative includes a national program to construct 150,000 housing units in its first phase and develop a stable real estate finance environment. Minister of Housing and Construction Essam Al-Tamouni presented the ministry's action plan, including developing the "Libyan Building Code" to unify technical and engineering standards. The dialogue revealed a housing deficit of 315,000 units in Greater Tripoli, 175,000 in Greater Benghazi, 84,000 in the Central Region, 70,000 in the Southern Region, and 56,000 in other regions. Governor of the Central Bank of Libya, Naji Issa, emphasized real estate financing as a key driver for economic growth, requiring integrated roles from legislative, executive, and regulatory bodies, banks, and the private sector.
Libyan Prime Minister Abdel Hamid Aldabaiba stated that Libya has a housing deficit of approximately 800,000 units, a challenge he believes requires a partnership between the state, banks, and the private sector. Speaking at a National Dialogue on the banking sector's role in housing and urban development, Aldabaiba emphasized that housing is now an economic and social issue. The new housing policy divides roles, with the state providing planning, land, and infrastructure, banks offering financing, and the private sector handling development. He categorized Libyan families into three segments: 15% capable of self-build, 15% able to purchase from the market, and 70% requiring support and long-term mortgage financing. The first phase of the National Housing Programme aims to complete about 150,000 stalled housing units, with the state covering land, concrete structure, and infrastructure costs. Citizens will finance completion through long-term bank loans with a 15% down payment and repayment periods of 25 or 30 years. Aldabaiba noted that 10% of units would be allocated to those unable to pay, with ownership transferred by the state, stressing that support would be for eligible individuals, not free housing for all. The next phase involves allocating planned land to developers to boost supply and stimulate the economy.
The Libyan Public Prosecution has ordered the detention of the Financial Director and two Board Members of the Industrial Investment Development Company, a subsidiary of the Libyan Internal Investment Fund LIIF. They are accused of authorizing the disbursement of 130 million dinars in financing to the North Africa Company for projects that were never implemented, leading to the disappearance of the funds. The Attorney General's Office reported that the Public Prosecution also ordered the detention of all other shareholders involved in the incident.