Wednesday, July 9, 2014

Spain's Repsol announces major oil find in Libya

October 21. 2013 9:36AM
Associated Press

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(AP) Spain's oil company Repsol has announced a high quality light oil find in Libya's Sahara Desert.

Repsol says the find was made in the Murzuq basin, located 800 kilometers (500 miles) south of the Libyan capital, Tripoli.

The company says in a statement Monday that the well was drilled to a total depth of 1,836 meters (3,280 feet) and has produced good oil flow during initial testing. It says the well gave 513 barrels of oil per day.

It's the third of eight wells that the Madrid-based company will drill in the 4,400 square kilometer (1,699 square mile) desert area.

Major international oil companies that operated in Libya before the 2011 uprising against Moammar Gadhafi have been working to restore the oil fields amid continued unrest in the country.

Associated Press

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