Arabian Gulf Oil Company discovers new oil well in Sirte Basin

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On Monday the Arabian Gulf Oil Company in Benghazi discovered a new oil well in the Sirte Basin region, with a production capacity of 400 barrels and 68,000 cubic feet of gas per day.

In a statement the company reported that the well is located 50km northwest of al-Bayda oilfield.

Production tests for the well started in December 2019 and ended at the beginning of March 2020, according to the statement.

Oil reserves in Libya are the largest in Africa and among the ten largest globally with 46.4 billion barrels as of 2010. The petroleum industry is the primary engine of the Libyan economy.