Repsol makes a new high quality oil discovery in Libya

Repsol makes a new high quality oil discovery in Libya

Repsol has made a high quality light oil find (40º API) in Libya’s Murzuq basin. The find was made in block NC115 in the Sahara desert, 800 kilometres south of Tripoli.
The discovering well, called A1-129/02 was drilled to a total depth of 1,836 metres and has produced good oil flows during initial testing. The well flowed 528 barrels of oil per day with a choke size of 32/64 inches and a perforated interval of 4,502-4,522 feet in the Mamuniyat formation. It is the third of eight wells that the company will drill in this block, which covers 4,400 square kilometres and which has shown excellent reservoir properties.
Following the good results obtained, Repsol will continue with the exploratory campaign which began in 2013 and which will continue through the end of 2015. Repsol operates the block with a 40% stake, accompanied by Austria’s OMV and Total of France, each with a 30% share.
The exploration and production business is one of the key pillars of Repsol’s growth strategy, supported by the company’s specialists and by cutting edge technology. The company has devoted significant resources to this business in the past few years in which, thanks to its exploratory success, the company has beat the industry average for reserve additions as well as significantly increasing output of hydrocarbons.
During 2013, Repsol has already made other valuable oil discoveries, in Brazil, Alaska (U.S.) and Russia, and has brought online production from new fields in Brazil, Russia, Oklahoma (U.S.) and Bolivia.
Source: www.repsol.com
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