Consortium Announces Significant Libyan Oil Discovery
Austrian oil and gas company OMV announced on November 29th that it had discovered a significant oil deposit with its joint venture partners in Libya.
The find was in Block NC-186 in the Murzuk Basin, located 31 kilometers north of the El-Shararah field, and is expected to produce up to 2,500 b/d.
The block and several adjacent blocks are being explored by a consortium comprised of OMV, Spain’s Repsol-YPF, TotalFinaElf and Saga Petroleum Mabruk.
The discovery comes after Libya announced a December 31st deadline for the submission of bids for three packages of 15 exploration blocks, representing nearly 70 percent of the country’s acreage, in a bid to boost oil production.
The packaged blocks include a mixture of prime acreage in the oil-rich Murzuk, Sirte and Ghadames basins and high-risk acreage in unexplored areas.
Data rooms for the blocks are to close on November 30th, while data rooms for an additional 120 blocks available in the latest licensing round will remain open. Between 14 and 20 companies reportedly had been selected to participate in the licensing round offered by Libya’s National Oil Co. (NOC).
The round has drawn much interest after the suspension of U.N. sanctions against the country in April 1999. Royal Dutch/Shell and other large multinational oil firms have shown interest in the offering and are expected to form consortia to bid on the packages