The oil-focused website Oil Price reported on Thursday that the Spanish company Repsol YPF has made a “significant” oil discovery in the country, marking its sixth discovery in the Murzuq Basin.
According to the website, the discovery, which produced a flow of 4,650 barrels per day of “high-quality oil” during testing, comes just weeks after a group of international operators competed for exploration rights in the second auction under the terms of the Exploration and Production Sharing Agreement.
The website noted that the first round of discoveries, which took place in January 2005, was considered a success, with 23 out of 26 contract areas primarily awarded to Asian and European companies. This success, particularly in the NC186 area—a field spanning 4,300 square kilometers located 800 kilometers south—highlighted the potential for large-scale production in the region.
