Waha Oil Company has been undertaking the redevelopment of the war-damaged Sidra Port, Libya’s largest oil export terminal. The port is part of the Waha concession, co-owned by the National Oil Corporation (NOC) with a 59.18 percent holding and TotalEnergies and ConocoPhillips, each with a 20.41 percent stake.
An engineer at Sidra Port revealed to Libya Energy plans to develop the port. He said that Waha is continuing to develop the tank farm, work which includes re-building five tanks, with an additional five tanks planned for 2025 to replace the ten tanks at the terminal that were damaged when militants attacked it in December 2024. Three of the ten were completely burned along with1.48 million barrels of oil.
The source added that the first of five of the tanks, No. 16, has been completed. It was handed over to Waha management in September 2024. After undergoing inspection, it was then filled with oil and reinstated at the end of November, with an announcement being made by the NOC about the development a few days later. The tanks can contain up to 500,000 barrels of oil.
Two other tanks are 95 percent complete, while two more are still in the construction phase. The combined capacity of the five tanks is 2.5 million barrels, or 500,000 barrels per tank.
The source added that Waha management is currently planning to re-build the five remaining storage tanks in 2025, each again with a capacity of 500,000 barrels. However, the completion timeline may extend beyond the planned schedule, being contingent upon the allocated budgets.
According to the source, Sidra port had an export capacity of 24 million barrels a month before to the 2011 revolution. However, that figure has been significantly reduced in recent years as a result, not simply of war damage but also because of its ageing and deteriorating infrastructure.
The source revealed that tank farm’s maximum capacity currently stands at three million barrels. It has been operating with nine storage tanks. Of these, seven are actively involved in export operations, while the remaining pair is used solely for storage, The new tanks being completed will boost total storage the 5.5 million barrels.
The final five tanks planned for 2025, as and when completed, will bring the farm’s total holding capacity to eight million barrels.
Waha Oil Company reported on 1 November 2024, that its daily oil production has surged to 337,000 barrels. As a result, the NOC then released a statement applauding the company and its staff for boosting total production.
