Libya’s National Oil Corporation (NOC) and Spain’s Repsol Libya Branch (REMSA) announced a new oil discovery yesterday within REMSA’s contractual obligations with the NOC.
The discovery follows the drilling of the exploratory well “J1-4/130” in Contract Area “131/130” in the Murzuq Basin (800 km south of Tripoli). The well reached a final depth of 4,325 feet and is producing an average of 763 barrels of oil per day from the Mu’minat Formation.
This well is the fifth of the company’s eight contractual commitments under the Exploration and Production Sharing Agreement (EPSA) signed between the NOC and REMSA in 2008.
Repsol’s REMSA new discovery follows on from the NOC’s announcement on the same day of a new discovery by Algeria’s Sonatrach.
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