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Libya: New oil deposit found in Libya

The Libyan National Oil Company (NOC) announced Tuesday that the Arabian Gulf Oil Company (AGOCO) has discovered a new oil deposit at a depth of 7,270 feet (1 foot = 0.3038 metres) in the Syrte basin (central Libya), saying that the new deposit will give a daily production of 1,900 barrels of oil per day, PANA reported from the Libyan capital.

A week earlier, a gas deposit was found in the basin of Ghadamès, in the south-west of the country.

Libya’s oil reserves are estimated at about 47 billion barrels and gas at about 1,500 billion cubic metres.

Currently, Libya produces about 250,000 barrels per day against the normal 1.5 million barrels per day produced previously.

The decline is caused by the disturbances that affect the sector since the fall of the regime of Mouammar Kadhafi in 2011.

However, the agreement reached recently with the armed groups that control the oil terminals in the eastern part of the country may help increase production to about a million barrels/day, according to estimates.

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