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Thursday, June 16, 2011     FOR YOUR EYES ONLY

Canadian firm finds large oil reserves
in Libya-Tunisia field

WASHINGTON — An offshore energy field shared by Libya and Tunisia was deemed commercially viable.

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Canada's Sonde Resources Corp. has determined that the Zarat field contained sufficient reserves of crude oil and natural gas to warrant development, Middle East Newsline reported. Zarat, which comprises 768,000 acres, could contain 362 million barrels of oil and 981 billion cubic feet of gas.

So far, Sonde has been unable to develop Zarat because of Libyan interests in the energy block.

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The regime of Libyan Col. Moammar Gadhafi, fighting rebels in much of the country, has been under United Nations sanctions since February.

The Tunisian government has not approved a development plan for its portion of Zarat, located in the Mediterranean Sea. About half of the oil and gas were believed located in the 7th of November block shared by the two countries.

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