Benghazi — Libya’s state-run Oil National Corp (NOC) announced on Tuesday in a statement a new oil discovery in well H1-NC4 by its subsidiary Arabian Gulf Oil Company (AGOCO) in the Ghadames oil basin.
The Ghadames basin is located in northwestern Libya, near the Libyan-Algerian border.
“The well’s daily production is estimated at approximately 4,675 barrels per day (bpd) of crude oil, and approximately 2 million cubic feet of gas,” NOC said in the statement.
The project is wholly owned by NOC, the statement added.
An oil source at AGOCO told Reuters that the company’s oil production had reached up to 310,000 bpd by the end of October.
Last week, the corporation announced another oil discovery in the Sirte Basin through Austrian oil, gas and chemicals group OMV with production testing showing more than 4,200 bpd of oil and over 2.6 million cubic feet of gas per day.
*Ayman Werfali; Ahmed Elumami. Editing: Louise Heavens – Reuters
This article was originally posted at sweetcrudereports.com
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