New oil and gas deposits discovered in Libya


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New oil and gas deposits discovered in Libya

The Libyan oil company, Arabe Golfe, has discovered a new oil and gas deposit at the D1-MN7A exploration well located on MN7A bloc, in the Gdhamès basin, 500 km south of Tripoli, the Libyan National Oil Company (NOC) said in its weekly bulletin. According to preliminary studies, the daily production of the well is 1,251 barrels per day and 27.6 million cubic feet of gas. The deposit reserves, according to the studies, are estimated at 62 million barrels of oil 2,002 billion cubic feet of gas. Libya, which possess oil reserves estimated at about 40 billion barrels and gas reserves of 1,500 billion cubic metres, maintains an oil production of between 1.3 to 1.7 million barrels/day with the ambition to produce 3 million b/d by 2010 and gas of 2,600 million cubic feet a day.

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