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