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).

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