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Libya's NOC Unearths Major Oil & Gas Discoveries
9 Apr
Summary
- Libya announced three new oil and gas discoveries.
- Discoveries made in partnership with Italy, Spain, and Algeria.
- These finds are crucial for Libya's oil-dependent economy.
Libya's state-run National Oil Corporation (NOC) has reported the discovery of three new oil and gas fields. These significant finds were achieved through collaborations with international energy firms from Italy, Spain, and Algeria.
The first discovery occurred in the Ghadames basin, near the Libyan-Algerian border, in partnership with Algeria's Sonatrach. This site yields 13 million cubic feet of gas and 327 barrels of condensates daily.
A second gas discovery was made offshore western Libya with Italy's Eni North Africa, through two separate tests yielding flow rates of 14 million and 24 million cubic feet. Spain's Repsol Libyan branch, REMSA, also contributed to a discovery in the Murzuq Basin, south of Tripoli, with an oil production rate of 763 barrels per day.
These new energy resources are critical for Libya's economic stability, as oil accounts for over 95% of the nation's economic output.
