Libya: New oil well found
The Libyan oil company announced that Zaytunia oil company, one of Libya's major oil companies, has discovered an oil well at Intisar (victory) field in eastern Libya, some 800 km east of the capital Tripoli.
The Libyan oil company said in a statement on its website that the company has discovered the well after drilling to a depth of 11.051 feet. The firm said: "The test result of the production from the well has shown a good evaluation and confirmed the presence of oil reserves, estimated at 62 million barrels of which recoverable oil is put at some 19 million barrels."
- Self-sabotage: Israel's fleeting natural gas revolution
- Saudis have a lot on their mind nowadays, but oil will always be their biggest worries
- King Abdullah's death and the 'fear premium' in Saudi oil markets
- Mixed signals: why King Abdullah's passing could not have come at a worse time for Saudi's oil sector
- Cheap oil: the antithesis of clean energy?