New oil discovery in Libya

February 16, 2006, 08:10 CET

The operator of licence NC186 in Libya, Repsol YPF, has reported the seventh commercial oil discovery in well K1. Hydro is partner in the licence, located in the Murzuq basin.

With a preliminary production of 2,300 barrels per day, oil was found just a few kilometres away from the last two discoveries in the block: I1 and J1.

These discoveries were made last year and gave preliminary production figures of 2,060 and 4,650 barrels of oil per day respectively.

Block NC186 is located in the Sahara desert, 800 kilometres south of Tripoli and has a surface area of 4,300 square kilometres.

The three wells planned in the second exploration period, which began in May 2003, have already been completed. Further exploration and appraisal drilling is planned in 2006.

The consortium led by Repsol YPF has made six other commercial discoveries in the same block, with a preliminary estimate of 500 million barrels of light crude in reserves.

Production has started at two of these discoveries in the past two years, reaching some 50,000 barrels of oil per day.

Partners in NC186:

National Oil Corporation (NOC)

60.0 %

Hydro

8.0 %

Repsol YPF (operator)

12.8 %

Total

9.6 %

OMV

9.6 %