The Libyan National Oil Corporation (NOC) has announced an oil discovery in an exploratory well located south of the Western Mountain in the Ghadames Basin, about 450 kilometers southwest of Tripoli.
According to the NOC, the new well is estimated to produce around 4,675 barrels of crude oil and 2 million cubic feet of natural gas per day.
Drilling began in late October under the oversight of the Arabian Gulf Oil Company, a subsidiary of the NOC.
The corporation explained that the project is part of broader efforts to increase Libya’s oil and gas output. The well is expected to reach a final depth of 11,700 feet and marks the tenth drilled by the company in the same region since exploration started in 1985.
Libya’s Minister of Oil and Gas, Khalifa Abdul Sadek, said the government aims to boost national production to 1.6 million barrels per day next year, up from the current 1.4 million. He added that Libya’s proven reserves stand at about 48 billion barrels, and oil revenues account for more than 90 percent of state income.
The NOC continues to play a key role in managing the country’s oil resources and maintaining a stable energy supply. However, ongoing insecurity and the control of oil sites by armed groups have repeatedly interrupted production, slowing economic recovery.
Since the fall of Muammar Gaddafi in 2011, Libya has remained divided between two administrations: the Tripoli-based Government of National Unity led by Abdul Hamid Dbeibah and the eastern government appointed by the House of Representatives under Osama Hammad.
source: english.news.cn
African Energy Council