Libya discovers oil field with production of nearly 4,700 barrels per day

Libya’s National Oil Corporation (NOC) announced on Tuesday that its subsidiary, the Arabian Gulf Oil Company, has discovered a new oil field in the western Ghadames Basin, with an estimated production of about 4,675 barrels of crude oil per day and around two million cubic feet of natural gas.

In a statement, the state-owned corporation, which manages the entire oil sector, said: “We announce a new oil discovery by the Arabian Gulf Oil Company (Libya) at well H1-NC4, located in the Ghadames sedimentary basin.”

The NOC added that the well’s estimated production capacity is around 4,675 barrels of crude oil daily and roughly two million cubic feet of natural gas.

The Ghadames Basin lies in western Libya and extends into parts of Tunisia and Algeria. The city of Ghadames is about 600 kilometres southwest of the capital, Tripoli.

Libya, which is exempt from the production cut agreement under the Organisation of the Petroleum Exporting Countries (OPEC), aims to raise its oil output to between 2 and 3 million barrels per day in the coming years, taking advantage of large untapped oil and gas reserves.

Currently, Libya produces around 1.4 million barrels per day, according to the latest data published this week on the NOC’s website.

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