Libya’s state National Oil Corporation (NOC) and Russia’s Tatneft Oil Company (Libya Branch) announced a new oil discovery yesterday.
TATNEFT is the operator of the contract area 4/82 as a second party through the Exploration and Production Sharing Agreement (EPSA IV) with the NOC signed in December 2005.
The new oil discovery is in contract area 04/82 located in the Ghadames basin through drilling and testing the exploratory well 1-82/4 (F1-82/4).
The Media Office of the NOC confirmed in an exclusive interview with Libya Herald that the exploration well was drilled at a total depth of 8,500 feet within the Ghadames oil basin located about 330 km southwest of Tripoli.
Pointing out that, according to what was announced by the Russian Tatanft Company, the achieved flow rate is 1,870 barrels of oil per day from Devonian and Ordovician sandstone through a certain suffocating volume in accordance with Libyan legislation. The Media Office confirmed that this well represents the third discovery of the exploration activity of Tatneft in the contract area 04/82.
The TATNEFT company drilled this well as an operator under the EPSA IV agreement with the NOC, with the distribution of the interest share of 89.5 percent to the NOC and 10.5% to the operator Tatneft.
It will be recalled that Tatneft is the first Russian company to enter the Libyan oil sector, obtaining a 30-year EPSA with the Libyan government in 2005 among 48 international companies. It stopped all its oil operations in Libya in 2011 and resumed them in 2021.
Tatneft resumes drilling in Libya after more than ten-year hiatus (libyaherald.com)
Tatneft Libya resumes activities in Hamada basin | (libyaherald.com)
Tatneft to restart Libya operations this year | (libyaherald.com)
Russian oil company Tatneft to restart Libyan operations | (libyaherald.com)
