Libya makes onshore oil, gas discovery

Feb. 15, 2013 at 6:40 AM

TRIPOLI, Libya, Feb. 15 (UPI) -- The Libyan National Oil Corp. announced an oil and natural gas discovery hundreds of miles inland with Algerian company Sonatrach.

Libya's oil company and state-owned Sonatrach announced the discovery of an oil and gas deposit about 370 miles southwest of Tripoli. The field is expected to yield about 8,200 barrels per day once development gets under way, Bloomberg News reports.

No time frame was announced.

Libyan oil production had rebounded close to its pre-war level of around 1.6 million bpd but has since declined. The Organization of Petroleum Exporting Countries said that, as of Jan. 20, Libya was producing around 1.4 million bpd, down from a high of around 1.48 million bpd reported for November.

OPEC in its February report said Libya, Algeria, Saudi Arabia, the United Arab Emirates and Nigeria were collectively responsibility for an oil production decline of around 50,000 bpd from December.

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