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    Wednesday, August 13, 2008

    New oil reserve discovered in Libya

    WASHINGTON — Oil executives in Libya have announced the discovery of a new crude oil reserve.

    The discovery was reported in northern Area 47 in Libya's Ghadames basin. Executives said the discovery by Canada's Verenex Energy and Indonesia's Medco International Ventures marked the first success in exploration efforts in the Ordovician Memouniat formation, Middle East Newsline reported.

    Executives said the A1-47/04 well flowed at a rate of 6,603 barrels per day, including light and sweet crude oil. The well also yielded 8,600 cubic feet of natural gas per day.

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    The exploration project has been overseen by the state-owned Libyan National Oil Corp. Executives said NOC requested a series of tests to determine energy yield and potential.
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