Repsol, through its affiliate company Repsol Oil Operations (ROO), has made an important oil discovery with the first exploratory well drilled in Block NC-115 in the Murzuq Basin, near the El-Sharara field, some 800 km. south of Tr�poli, in the extensive Libyan desert.

The well, named M-1, discovered oil in sandstone layers over 70 metres thick and with excellent storage properties.

Production tests gave a daily natural flow of 2,500 barrels of high quality light crude, with an API density of over 43�. This daily production could be tripled by the installation of a suitable pumping system.

This new discovery follows the same geological pattern as those in the neighbouring El-Sharara field, also operated by Repsol. Preliminary studies estimate potential reserves at some 100 to 200 million barrels, and appraisal work is being carried out to confirm this.

The nearness of this new deposit to the El Sharara field facilities, currently producing 140,000 barrels per day, will make it possible to start production within three months.

Repsol Oil Operations is a mixed company operating Block NC-115 and the El-Sharara field, in which the Libyan state company NOC holds a 50% stake. The other 50% belongs to a consortium with title to the block, comprising Repsol (40% operator), Total (30%) and the Austrian company OMV (30%).