European oil companies make progress in Libya

Jul 08, 2004 02:00 AM

While US oil companies chew at the bit to get into Libya or in some cases, back into Libya European companies continue to make progress in the Libyan upstream, especially in newer areas in the central desert region and offshore.
Production from Libya's traditional areas is on the decline and the country is pushing exploration in the less developed Murzuk Basin, where Spain's Repsol-YPF and four partners appear to have brought in another successful well.

Following recent discoveries on Block 186 at the A and D fields in 2000 and 2003, respectively, and with the G1 well in the first quarter, the companies have made a commercial find at the H field. The block lies just to the northeast of Repsol's Block NC-115 El-Sharara facility, where light oil production from the A field has been sent since last October, three months ahead of schedule.
With proved and probable reserves of 143 mm barrels, A-field output is projected to reach 40,000 bpd this year. Development of the 144 mm barrel D-field was approved last August, with an expected production peak 35,000 bpd.

Repsol, which operates but has only a 12.8 % interest in Block 186, reported 94.8 mm barrel of net proved reserves in Libya at the end of last year, but that could expand quickly with two new six-block packages of acreage awarded to it last year.
Libya's state National Oil Company holds 60 % of the block, with French Total, Austrian OMV and Norway's Norsk Hydro each with holding less a bit less than 10 %. Repsol will have a 60 % interest in the "package 1" production sharing agreement signed in May 2003, with Austria's OMV taking the other 40 %, and a 55 %-45 % split with OMV in "package 3" awarded in December.

The first package includes the high-potential Block M-1 west of El-Sharara, three blocks in the Sirte Basin in northeast Libya two of them offshore and two blocks in the southeast Libyan Kufra Basin.
The second package contains five Sirte Basin blocks, all onshore in the southern part of the basin, along with the Murzuk Basin Block M-15.
Repsol is already producing close to 200,000 bpd from the giant El-Sharara field, and has recently tied in Italian ENI’s Elephant field in an adjacent block south southeast of El-Sharara.

Source: LiquidAfrica
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