11/29/00
REPSOL YPF ANNOUNCES A NEW OIL DISCOVERY IN LIBYA
 

 Repsol YPF announces an oil discovery in the well A-1 in the exploration block NC-186 of the Murzuq Basin (Sahara Desert), some 800 km south of Tripoli (Libya).

  The well A-1, the first one drilled by Repsol YPF in Block NC-186, has found a significant oil column in the sandstone Hawaz formation. Flowrates up to 2,500 barrels of oil per day 41� API, with a 3/4 inches choke, have been reported in the tests of the well. Block NC-186 has an extension of some 4,300 km2.

 Repsol YPF is the Operator for the exploration blocks NC-186, NC-187 and NC-190 of the Murzuq Basin, on behalf of a group of four European companies including Repsol YPF (Spain), OMV (Austria), Total Fina Elf (France) and Saga Petroleum Mabruk (Norsk Hydro, Norway).

 The exploration activities in these blocks started  in May 1998, once the Libyan Government approved the exploration and production sharing agreement signed with the National Oil  Company (NOC) covering NC-186 and NC-187. Block NC-190 was negotiated later on and recently approved.

 Crude oil production from the Murzuq Basin started in December 1996 from the giant El-Sharara Field, located in the nearby Block NC-115. This field, operated by Repsol Oil Operations on behalf of NOC and a consortium represented by Repsol YPF and including OMV and Total Fina Elf, is producing over 160,000 barrels per day of an excellent quality sweet light oil (44� API).

 Well A-1 is located just only 20 km away of the El-Sahara Field facilities where there is enough spare capacity to process and export  additional oil production.