Tuesday, 22 April 2014

Libya: New discoveries

The National Oil Company (NOC) reported two new discoveries this month. The first was announced by its Arabian Gulf Oil Company (Agoco) subsidiary and is in the Sirte basin, about 80 km southwest of the town of Marada. According to the NOC website, the company drilled the FF2-47 well to a total depth of 7,270 feet and tested oil from the Lidam formation.

The test flow rate was 1,900 b/d of 27o API oil. The exploration well was first drilled in 1971 but the results were not very encouraging and only 65 barrels of oil were recovered – which is why it was considered uncommercial at the time.

Meanwhile, a consortium comprising Algeria’s state-owned Sonatrach International (Sipex), Oil India, and the Indian Oil Corporation made the second discovery. The gas discovery was made at well C1-96/01 in contract area 95/96 in the Ghadames basin, 650 km southwest of Tripoli.

For more news and expert analysis about Libya, please see Libya Focus and Libya Politics & Security.

© 2014 Menas Associates

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