Monday, May 10, 2010

New oil deposit discovered in Libya

The energy supply group, Sonatrach International Petrole um, Exploration and Production (SIPEX), in association with the Libyan National O il Company (NOC), has announced a new oil deposit in the basin of Ghadames, loca t ed 340 km south of Tripoli, the Libyan capital.

The new oil deposit, discovered by SIPEX, a subsidiary of Sonatrach, on the expl oration well C1-65/02 located on Block 65, had an oil flow of 8.55 m3/h during t h e first test, according to a statement posted on the NOC website.

This is the second discovery made in Block 65, awarded to Sonatrach by the NOC s ince March 2005 on the basis of a contract stating that both parties will explor e and share the oil production at the rate of 75 per cent for the NOC and 25 per c ent for SIPEX.

Second largest oil producer in Africa, with 1.7 million barrels per day, Libya h as oil reserves estimated today at 42 billion barrels.

Libya, which plans to double its production to 3 million barrels per day in 2010 , could have much more crude, because only a quarter of the territory is covered

by exploration and production agreements.

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