A leading Swedish oil company has announced it has abandoned a well-drilled on Area NC177, onshore Libya, at a depth of 7,800 ft rkb (2,377 meters).
Lundin Oil AB has said that its wholly-owned subsidiary, the International Petroleum Libya Limited, which operates the area jointly with the National Oil Corporation, took the decision after it proved to lack commercial quantities of hydrocarbons. The drilling of E-NC177 well concludes the Company's exploration commitments on the NC177 Area, the company was by Mbendi information service quoted as saying in a statement.
President Ian Lundin commented that his company “will continue to review the potential of further exploration investments in Libya. Our efforts however, will focus on the development of the En Naga field in Area NC177, which today has proven and probable reserves of approximately 100 millions barrels."
Lundin Oil is a Swedish independent oil company exclusively engaged in oil and gas exploration and production. The Company is producing oil and gas in the UK sector of the North Sea and oil offshore Malaysia/Vietnam. The Lundin Oil Group has a development project in Libya and ongoing exploration projects in Libya, Albania and the Sudan.
The Company's shares are publicly listed on the Stockholm Stock Exchange and on NASDAQ – Albawaba.com
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