Libya’s National Oil Corporation (NOC) has announced a significant oil discovery in the Ghadames Basin, with the well H1-NC4 expected to produce approximately 4,675 barrels of crude oil per day and 2 million cubic feet of natural gas. This discovery is part of Libya’s efforts to boost its oil production, currently standing at 1.4 million barrels per day, with plans to increase it to 1.6 million barrels per day next year.
“This discovery is a testament to Libya’s untapped potential,” said an oil source at the Arabian Gulf Oil Company.
The Ghadames Basin discovery is not an isolated incident, as Austrian firm OMV has also made a significant discovery in the Sirte Basin, producing over 4,200 barrels of oil per day and 2.6 million cubic feet of gas. The return of international companies like OMV, Sonatrach, BP, and Eni highlights improved security conditions and renewed investment potential in Libya’s oil sector.
“We are seeing a resurgence in Libya’s oil industry, with new discoveries and rising production,” said Masoud Suleman, NOC chairman.
Libya’s proven oil reserves stand at 48 billion barrels, with oil revenues accounting for over 90% of the state’s income. The country’s oil sector is poised for sustained growth, with new discoveries, rising production, and a reliable network of refineries.