Verenex makes oil discovery in Libya

13 October 2008

A fresh oil discovery has been made in Libya by a consortium of Canada's Verenex Energy and the state-run National Oil Corporation (NOC).

NOC says the discovery was in the C1-47 exploration and production concession in the Ghadames basin, about 180 kilometres southwest of Tripoli.

Oil flowed at 1,739 barrels a day from a depth of 8,312 feet.

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.

Last month Germany’s RWE made an oil discovery in the country's Sirte Basin, about 550km east of Tripoli. The German firm holds a 32 per cent stake in the exploration and production-sharing agreement for the area, with NOC holding the remainder (MEED 29:9:08).

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