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Home Business

AGOCO makes new oil and gas discovery in the Ghadames Basin

byCallum Paton
April 16, 2014
Reading Time: 1 min read
A A
AGOCO makes new oil and gas discovery in the Ghadames Basin

(Photo: AGOCO)

By Callum Paton.

(Photo: AGOCO)
(Photo: AGOCO)

Tripoli, 19 February 2014:

National Oil Corporation (NOC) subsidiary the Arab Gulf Oil Company (AGOCO) has made a new oil . . .[restrict]and gas discovery in the Ghadames Basin, 200km south of Tripoli.

The spokesman for the NOC, Mohammed Al-Harrari, told the Libya Herald that exploratory testing at the site had returned production results of 1,266 barrels per day of oil and 2.9 million cubic feet of gas.

He said a great deal more drilling and testing would need to be done before production could begin but the preliminary indications were good.

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Head of information at AGOCO, Abdeljalil Mayuf, said the successful exploration represented an “important discovery”.

National oil production levels have fallen again to 370,000 b/d according to the NOC. Harrari attributed the decrease of 18,000 b/d to maintenance work but production levels have been slashed over the past week by the partial blockade of a pipeline carrying oil from the Sharara oilfield, causing a 60-percent cut in flow to the Zawia refinery and oil terminal.

The figures are a substantial decline on production of 600,000 b/d reported a week ago, let alone the levels of 1.5 million b/d in 2012, following the revolution. [/restrict]

Tags: AGOCOArab Gulf Oil CompanyGhadames BasinLibyaoil and gas discovery

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