Libya’s NOC Discovers New Oil Well

Libya's NOC Discovers New Oil Well
Libya's NOC Discovers New Oil Well

The National Oil Corporation (NOC) has announced the successful drilling of its first exploratory well. As well as the completion of a developmental well in blocks operated by the Sirt Oil and Gas Production and Manufacturing Company. These are located in the Marzuq Basin and Zaltan Field.

According to the NOC, the drilling operations concluded at the exploratory well J3-NC101, reaching an impressive depth of 7,833 feet, with an initial flow rate of 560 barrels of oil per day. This milestone marks a notable success in their exploratory drilling endeavours, highlighting the potential of the region for oil production.

The corporation further elaborated that it “anticipates this flow rate to increase once the existing low-rate pump is replaced with a high-flow rate pump.” This underscores the potential for enhanced production capabilities, boosting optimism about future operational output at the well.

Moreover, the NOC reported the completion of the drilling operations at the developmental well C347-6 in the Zaltan Field. The well achieved a natural flow rate of 1,100 barrels of oil per day, demonstrating considerable promise in this strategic oil field.

Days ago, the Russian news agency, TASS reported that a senior executive of the Russian oil producer, Tatneft stated that the company has seen positive results in several wells during its oil exploration activities in Libya.

Nurislam Syubaev, Deputy Director-General for Strategic Development at Tatneft, made comments on the sidelines of the Russia-Africa Summit. He stated that the company would complete its economic assessment of drilling this year, to determine whether it would continue operations in Libya. He pointed out that the company drilled wells according to its exploration plan, and achieved a good flow rate in some.

“We are now conducting technical and economic calculations. If positive, we will move to the experimental development phase,” Syubaev continued.

Notably, Tatneft operated in Libya, under a concession agreement from 2005 until 2014. The operation was halted due to security issues the country faced at the time. However, the Russian company announced in October 2021, that it was resuming operations in Libya.