Repsol Makes Two Discoveries in Libya

Repsol Oil Operations has made two oil discoveries in Block 200 in Libya's Murzuq Basin, said Shokri Ghanem, Chairman of Libya's National Oil Corp. (NOC). The two exploration wells, Za-NC 200 and H1-NC 200, are located 1,000 km south of Tripoli and 75 km west of the Sharara field. Za-NC 200 hit oil pay at 1,087 meters, and the daily average production reached 334 barrels per day at a choke of 64/32 inch. Average daily production for H1-NC 200--at 1,372 meters depth—was 589 barrels per day at a choke of 64/24 inch. Ghanem said that studies are still being carried out to determine the reservoir's size and the amount of reserves.

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.