LONDON — A European major has discovered its largest oil field in
Libya.
Repsol said the field was located in Libya's Murzuq basin and contains
474 million barrels of oil. The Spanish-Argentinian company said this was
its largest find in Libya.
The oil field was discovered in a joint venture with the state-owned
National Oil Co. of Libya, Middle East Newsline reported.
Repsol has been producing 250,000 barrels a day
of crude oil in Libya, and in 2004 embarked on an aggressive exploration and
development strategy.
Libya has held two rounds of tenders for the licensing of energy
reserves. The second tender was expected to be decided over the next few
weeks.
