facebook
twitter
search
search

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Volvo unveils new child seat concept
JetBlue first major airline to offer direct New York to Cuba flights
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue