Repsol-YPF discovers oil field in Libya

Oct 03, 2005 02:00 AM

A group led by Repsol-YPF discovered its fifth oil field on 4,300 sq km Block NC 186 in the Murzuk basin in the Sahara Desert 800 km south of Tripoli, Libya.
The I1 well flowed 2,060 bpd of 40 degrees gravity oil from the Ordovician Memuniyat sandstone at 1,717 m. Repsol-YPF said the oil is "amongst the best quality on the market."

Repsol-YPF is operator with 32 % interest. Total has 24 %. Other participants are Norsk Hydro and Libya National Oil Co.
I1 is the third well drilled in the block's second exploration phase, which began in May 2003. The group's four previous discoveries on the block have a combined 400 mm bbl of light oil recoverable. A and D fields went on production in the past 2 years and reached a combined 45,000 bpd, and B and H are to be developed shortly.

The group initiated Murzuk basin production in December 1996 with giant El Sharara field, which now produces 200,000 bpd of light, sweet oil. Repsol-YPF's net Libyan production averaged 21,308 bpd in 2004, and its net proved oil reserves were 86.9 mm bbl at yearend.
OMV, a member of the Murzuk basin production group, said its Libyan production is 27,500 bpd.

Source: OGJ
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