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New oil fields discovered in Libya and Nigeria
Libya, Economics, 1/14/1999
New oil fields were discovered lately in Libya and Nigeria enhancing the two African countries' oil production and exploitation capacities.
It is an International consortium composed of TOTAL (France), REPSOL (Spain) and "OMV" of Austria that discovered the new Libyan field, while the Nigerian off-shore field was found out by "FAMFA OIL" company in collaboration with International "Star Deep Waters Petroleum" holding.
The reserves of the Libyan field are estimated between 100 and 200 Million barrels and first tests conducted on a well showed that the field can yield 2,500 barrels per day besides a high-quality light oil.
As to the Nigerian field, technical studies are underway to determine its potentials, quality and production capacity.
Previous Stories:
Libyan economy withstands crisis
(12/16/1998)
Libya lost more than $ 23 billion because of embargo
(12/9/1998)
Libya increases its oil production
(9/23/1998)
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