Libya’s state-run National Oil Corporation (NOC) has announced a new oil and gas discovery in the H1-NC4 well located in the Ghadames Basin, near the Algerian border. The well was drilled by NOC’s subsidiary, the Arabian Gulf Oil Company (AGOCO). Ghadames Basin, northwestern Libya, near the Algerian border. The Operator apponited Arabian Gulf Oil Company (AGOCO).
Estimated Production: Preliminary tests indicate a daily production capacity of approximately 4,675 barrels of crude oil and around 2 million cubic feet of natural gas. The project is wholly owned by the NOC. This discovery is part of NOC’s strategy to expand exploration and increase national output. It follows another recent oil and gas discovery in the Sirte Basin in partnership with Austria’s OMV.
Note by Alessandro Bazzoni