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NOC and Repsol Libya Branch announce new oil discovery in Murzuq Basin
via Libya Herald4 min read
Libya's National Oil Corporation NOC and Spain's Repsol Libya Branch REMSA have announced a new oil discovery in the Murzuq Basin, approximately 800 km south of Tripoli. The discovery was made through the exploratory well "J1-4/130" in Contract Area "131/130," which reached a final depth of 4,325 feet. The well is currently producing an average of 763 barrels of oil per day from the Mu’minat Formation. This marks the fifth discovery out of eight contractual commitments under the Exploration and Production Sharing Agreement EPSA signed between NOC and REMSA in 2008. This announcement follows a recent discovery by Algeria's Sonatrach, also announced by the NOC on the same day.
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