Libya makes oil discoveries

29 September 2008
Germany’s RWE and Canada’s Verenex Energy have made separate oil discoveries in Libya as part of consortiums with the state-run National Oil Corporation (NOC).

RWE says it has made a new oil discovery in the country’s Sirte Basin, about 550 kilometres east of Tripoli.

The German firm holds a 32 per cent stake in the exploration and production-sharing agreement (Epsa), with NOC holding the remainder.

NOC said Verenex also made a new oil discovery in its C1 exploration and production concession in the Ghadames basin, about 150km southwest of Tripoli.

It is the latest of several discoveries for Verenex, which won exploration and development rights on the block along with Indonesia's Medco Energi Internasional in 2005 (MEED 30:7:08).

Verenex and Medco share a 13.7 per cent interest in the concession, with the remainder held by NOC.

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