Russia's Tatneft finds new oil in Libya

April 23, 2010 at 9:26 AM
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TRIPOLI, Libya, April 23 (UPI) -- Russian oil company Tatneft announced that it encountered new oil in Libya in the Ghadames basin about 300 miles south of Tripoli.

Test flows at well A1-82/1 in Area 82 of Block 1 of the basin produced oil at the rate of 415 barrels per day, the Russian company announced.

The well was drilled to a depth of 8,200 feet.

The well was the first to discover crude oil within Area 82. Tatneft said it encountered crude oil inflow during earlier exploratory drilling in the area.

Libya has crude oil reserves of around 42 billion barrels and is the second largest oil producer in Africa. The government aims to increase crude oil production to 3 million barrels of oil in 2010.

Tatneft and the Libyan National Oil Co. joined in a 2007 exploration and production sharing agreement for operations in the Ghadames basin.

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