• Most Popular
  • Most Shared

Germany's RWE makes new oil find in Libya

Mon May 5, 2008 12:17pm EDT

Stocks

   

TRIPOLI, May 5 (Reuters) - German utility group RWE (RWEG.DE) has made a new oil discovery in the Libyan Sirte Basin, the third since April last year, Libya's National Oil Corporation (NOC) said on Monday.

"This discovery was made at the exploration well B1-NC 195 at Area 195 in Sirte Basin about 800 kms (500 miles) east of Tripoli and 100 kms south of Ras Lanuf," it said in a statement.

Tests showed oil output was at 204 barrels per day (bpd) at a choke point of 52/64 on its Dahra formation and 840 bpd at a choke point of 32/64 on its Beda formation, it said the statement posted on its website.

RWE's first oil find in Sirte Basin in 2007 was announced by NOC in April. Its second discovery came in in September last year also in the Sirte Basin, according to a NOC's statement.

NOC owns 68 percent and RWE has 32 percent in each of the discoveries. (Writing by Lamine Ghanmi; editing by James Jukwey)



More from Reuters

Photo

Fox, Time Warner Cable ink temp deal to avoid blackout

NEW YORK (Reuters) - Time Warner Cable and News Corp's Fox Networks agreed to a brief extension of their current carriage contract on Thursday to avoid a blackout that would have prevented 13 million U.S. homes from seeing TV shows like "The Simpsons" and college and NFL football games.

A customer is served at a counter inside a foreign exchange store displaying a poster of various banknotes including the Chinese yuan or renminbi (RMB) in Hong Kong November 20, 2009. REUTERS/Bobby Yip
OUTLOOK 2010:

Be careful what you wish for

Pressure on China to loosen its grip on the yuan will continue but the U.S. should tread carefully. Here are five world market issues to watch.  Full Article 

Aurora, a 20-year-old Beluga whale, swims with her newborn calf after giving birth at the Vancouver Aquarium in Vancouver, British Columbia June 7, 2009. REUTERS/Andy Clark

365 days for the doomed

From polar bears to emperor penguins, endangered species will get top online billing in 2010 during the Year of Biodiversity.  Full Article