NOC subsidiary discovers oil and gas in Libya’s Ghadames Basin

oil libya-johnhill wikimedia commonsArab Gulf Oil Company (AGOCO), subsidiary of National Oil Corporation (NOC), has struck oil and gas in the Ghadames Basin, 200km south of Tripoli

Mohammed Al-Harrari, NOC’s spokesperson, said that the exploratory testing at the site had displayed production results of 1,266 bpd and 82,118 cubic metres of gas.

He added that more drilling and testing would need to be done before production could begin but the preliminary indications were good.

Libya’s oil production levels in 2013 have fallen to 370,000 bpd, according to the NOC.

Harrari has attributed the decrease of 18,000 bpd to maintenance work but production levels have been slashed recently due to the partial blockade of a pipeline carrying oil from the Sharara oilfield, causing a 60 per cent cut in flow to the Zawia refinery and oil terminal.

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