Libya Announces New Oil and Gas Discoveries With Three Major Energy Companies
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Libya’s state-run National Oil Corporation said on Wednesday it had made three new oil and gas discoveries with major energy companies from Italy, Spain and Algeria. The announcements were made in separate statements and add to renewed exploration activity in the North African producer.
The first discovery was in the Ghadames oil basin, where the NOC worked with a production subsidiary and Algeria’s state-owned Sonatrach. The find produced 13 million cubic feet of gas and 327 barrels of condensates a day, according to the company, and was made near the Libyan-Algerian border in northwestern Libya.
The second discovery was made with Italy’s Eni North Africa in western offshore Libya, about 95 kilometres from the coast. Two separate tests showed flow rates of 14 million cubic feet and 24 million cubic feet, the NOC said.
The third discovery was with Spain’s Repsol Libyan branch REMSA at exploratory wells in the Murzuq Basin, about 800 kilometres south of Tripoli. Tests after drilling showed production of 763 barrels of oil per day, the NOC said.
Libya’s economy depends on oil for more than 95% of its output, making new upstream discoveries important for output growth and state revenues. The latest finds also reflect the country’s effort to deepen cooperation with foreign partners despite years of political instability.
