Oil found in Libya
Repsol YPF discovered a significant oil accumulation on Block NC 186 in the Murzuk Basin in Libya about 794-km / 496 miles south of Tripoli.
The A-1 exploration well, the first well drilled on the block, encountered a significant oil column in the Hawaz sandstone formation. Production tests showed a daily flow rate of 2,500 b/d of light oil on a ¾-inch choke.
The A-1 discovery well is located in the southern part of the block about 30-km / 18.6 miles from the El Sharara field production facilities in Block NC 115.
These facilities were commissioned in 1996 and have sufficient capacity to process and export additional oil output.
Partners in the block are TotalFinaElf, 24 percent stake, OMV, 24 percent interest, and Saga Petroleum, 20 percent holding. Repsol YPF's share is 32 percent.
© 2000 Mena Report (www.menareport.com)