NOC announces promising results from AGOCO’s Y3-51 well in Sirte basin following appraisal testing.

Catogory : Market Report

The National Oil Corporation (NOC) and its subsidiary Arabian Gulf Oil Company (AGOCO) announced promising test results from appraisal well Y3-51 in the Sirte Basin, with a potential production capacity of nearly 8,500 oil barrels per day (bpd) and 1.82 million cubic feet of gas. The well, located approximately 30 kilometers north-east of the Nafoura oil field, reached a total depth of 11,300 feet in January 2018, with more elaborate testing conducted on March 24, 2019, the NOC said so.

In its technical notes, the NOC said that well Y3-51 was drilled to delineate structure (Y) to the north-west of discovery well Y1-51, drilled in 2000, with promising test results of 3,892 bpd. Thereafter, well Y2-51 was drilled in 2003, yet results were not encouraging. AGOCO is currently drilling appraisal well Y4-51.The NOC added that it is working with AGOCO on developing these fields and increasing production. It said that it considered the full exploration of structure (Y) as a strategic priority, as it is expected to add 38 million bpd of oil, and 12 billion cubic feet (bcf) of gas, with recoverable reserves of 11 million barrels of oil, and 10 bcf of gas. Last week Libya’s National Oil Corporation (NOC) and Italian oil major Eni signed two memoranda of understanding (MoU) on March 25, 2019, at NOC’s Tripoli headquarters. The first concerned the establishment of a steering committee to expedite gas production at structures ‘A’ and ‘E’ within maritime concession MN 41 in the Sabratha marine basin