Libya's Agoco makes oil discovery in Slouq basin

05 August 2008

Benghazi-based Arabian Gulf Oil Company (Agoco), a subsidiary of state-owned National Oil Corporation (NOC), has made an oil discovery in the Slouq Depression basin.

The wildcat well D1-NC129, about 100 kilometres south of Benghazi, hit oil at a depth of 7,500 feet with a flow rate of 2,780 barrels a day (b/d).

It is the second major discovery of oil in a week in Libya. In late July, Canadian oil firm Verenex Energy reported a discovery in its A47 exploration and production concession in the Ghadames basin, about 250km southwest of Tripoli.

The initial production test showed a flow rate of 1,400 b/d from the Al-Momnyat formation and 1,535 b/d from the lower Acacus formation (MEED 30:7:08).

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications