New oil and gas deposits discovered in Libya

Sep 29, 2008 02:00 AM

Libya's National Oil Company (NOC) announced the discovery of new oil and gas deposits in the country. Canadian company Verenex discovered oil and gas while German company RWE Dea-North Africa found a gas deposit.
The new oil and gas deposit, discovered by Verenex on block 47 in the Ghadames basin, lies about 250 km southeast of Tripoli, according to surface studies carried out on an exploration well, 10,000 feet deep for a daily production of 2,500 barrels and oil and 2.41 mm cm of gas.

The NOC holds 86.3 % stake and Verenex 13.7 % in the project.
RWE Dea-North Africa's discovery is on block 193 of the Syrte basin (Central Libya) about 550 km east of Tripoli and has to do with exploration wells E1-N C-193 and F1-NC-193 with a daily oil production of 407 and 439 barrels respectively for each well. NOC holds 68 % of this exploration permit while RWE Dea-North Africa has 32 %.

With oil reserves estimated at about 40 bn barrels and gas reserves at 1,500 bn cm, Libya maintains oil production of between 1.3 and 1.7 mm bpd with the intention of increasing production to 3 mm bpd by the year 2010 and a gas production of 2,600 mm cmpd.

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