See also:
» 27.02.2013 - Libya "could produce more solar power than oil"
» 18.12.2008 - Africa commits to water development to fight hunger
» 15.12.2008 - Africa summit discuss massive hydro scheme for food and energy security
» 24.06.2008 - Libya seals 30 year deal on oil exploration
» 03.01.2007 - New gas discovery announced in Libya
» 11.04.2006 - Non-oil sector finally drives growth in Libya
» 31.05.2005 - France, Libya launch nuclear cooperation
» 26.03.2004 - Shell secures Libya deal during Blair's visit

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development

New oil discoveries in Libya

afrol News, 9 November - The Spanish energy company Repsol YPF has announced the discovery of oil at a well in the Murzuq Basin, deep in the Sahara desert. The discovery, the sixth in the block, was made during drilling in late October. Repsol is investing heavily in Libya, which has become key in the Spanish company's strategic plan for 2005-09.

The new oil discovery was produced at well J1 NC 186 in the Murzuq Basin, some 800 kilometres south of Tripoli and close to the border of Niger. The well is only located 16 kilometres north-east of the last discovery made by Repsol in the same block in the beginning of October. It represents the sixth oil discovery in Libya's Murzuq Basin.

According to a statement by Repsol YPF, the newly discovered well already has a preliminary flow of 4,650 barrels per day, making it a rather big discovery. The neighbouring well discovered earlier last month has reached a preliminary production of 2,060 barrels per day, the company informed.

Repsol YPF operates the 4,300 square kilometre big block in the Murzuq Basin, holding a 32 percent interest in the operations. Other partners in the block include the Libyan National Oil Company (NOC) and three other European oil companies, OMV (Austria), Total (France) and Hydro (Norway).

Operations on the block started in May 2003. The consortium headed by Repsol YPF so far is very satisfied with the six discoveries made. Preliminary estimations put the block's total reserves at some 500 million barrels of light crude, which according to an earlier statement by Repsol "is "amongst the best quality on the market."

Two wells on the Libyan block are already producing for export. Some 48,000 barrels of oil are pumped up daily and transported by road to the Libyan coast. Most is exported to the European market.

According to the consortium, the production of crudes in the Murzuq Basin started already in December 1996 from the NC115 block. Also this block is now operated by a consortium composed of Repsol YPF, NOC, OMV and Total. The Murzuq Basin already produces a total of around 200,000 barrels per day, mostly of an excellent quality gathering high prices.

Western oil companies only recently were allowed to engage in Libya - by their own government and by Tripoli authorities - as sanctions against Tripoli were lifted. European companies were quick to start investing in this neighbouring Mediterranean country, before the US giants were allowed to enter Libya.

Repsol - representing Spain, which does not have oil resources on its own - has become the leading international company investing in Libya's oil sector. Only the national NOC company operates more oil fields in Libya. The total production on fields operated by Repsol in Libya now stands at 210,000 barrels per day. Repsol has pointed to its investments in Libya as its key strategy for the 2005-09 period.

- Create an e-mail alert for Libya news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at