Joined: 05 Oct 2005
Posts: 315
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OSLO (AFX) - Norsk Hydro ASA said a significant oil discovery has been made in the Murzuq Basin in Libya, with initial estimates suggesting it could contain recoverable reserves of 474 mln barrels.
According to the Norwegian firm, the field extends across two licences, with Hydro participating in one of these. Spain's Repsol YPF SA, the operator of the field, estimates that the discovery could contain a total of 1.26 bln barrels of oil, of which 474 mln can be expected to be produced. The Norwegian firm's share of license NC 186 is currently undecided, and will be determined following a unitisation process, where the owners reach agreement regarding how much of the discovery is located in each of the NC 186 and NC 115 licences. 'This is one of the biggest discoveries that has been made in Libya for several years,' says Frank Dinhoff Pedersen, head of Hydro's international business development for Russia and North Africa. Hydro said a plan for development and operation (PDO) has recently been submitted to the Libyan authorities. |
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