Libya’s state-run National Oil Corporation (NOC) has announced three significant oil and gas discoveries made in collaboration with major international energy companies from Italy, Spain, and Algeria, adding fresh momentum to the country’s ongoing exploration drive.
The first discovery was made in the Ghadames oil basin in northwestern Libya near the Libyan-Algerian border, a joint effort with an NOC production subsidiary and Algeria’s state-owned energy company Sonatrach. Initial production rates from the find indicate approximately 13 million cubic feet of gas and 327 barrels of condensates daily.
The second discovery, a gas find made in partnership with Italy’s Eni North Africa, was confirmed through two separate tests that yielded flow rates of 14 million cubic feet and 24 million cubic feet of gas respectively. A third discovery, made in partnership with a Spanish energy company, was also confirmed as significant, though further technical details were not disclosed.
The discoveries carry outsized importance for Libya, whose economy remains heavily reliant on oil, which accounts for more than 95% of its economic output, and come as the country continues efforts to rebuild and expand its hydrocarbon sector following years of instability.
Source: TRT Afrika