Ghanem announced the discoveries during a Thursday meeting in Tripoli with Repsol's president, who is visiting Libya to discuss expanding his company's activities in the North African country. He added that, following technical and economic studies, it has been agreed to develop the significant discovery made in the year 2005 at block 186--which expands to block 115 in the Murzuq Basin. The estimated reserves are 1.2 billion barrels, and the expected daily production is 90,000 barrels.
During the meeting, NOC agreed to increase Repsol's production to approximately 400,000 barrels by 2010. The company also agreed to finalize procedures associated with renaming Repsol Oil Operations-Libya to become Akakus Oil Operations.
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