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Libya Strikes Major Oil, Gas Find in Ghadames Basin
(MENAFN) Libya's National Oil Corporation (NOC) announced Wednesday the discovery of a new oil and gas deposit in the Ghadames Basin, located in the country's southwest, marking a potentially significant addition to one of North Africa's most resource-rich geological formations.
According to an NOC statement, drilling operations penetrated a final depth of 8,440 feet, yielding estimated production rates of approximately 13 million cubic feet of gas per day alongside 327 barrels per day of condensate, drawn from the Ouinat Wanin and Ouinat Kaza formations.
The Ghadames Basin straddles a tri-border zone shared by Libya, Algeria, and Tunisia, situated roughly 600 to 620 kilometers southwest of Tripoli. The formation is widely regarded as one of the most consequential hydrocarbon basins on the continent, owing to its vast reserves of both oil and natural gas.
The discovery arrives against a backdrop of persistent vulnerability in Libya's energy sector. While oil and gas exports remain the North African nation's primary revenue lifeline, output has been repeatedly disrupted in recent years by armed conflict and chronic political instability — factors that have long undermined the country's capacity to fully capitalize on its considerable underground wealth.
According to an NOC statement, drilling operations penetrated a final depth of 8,440 feet, yielding estimated production rates of approximately 13 million cubic feet of gas per day alongside 327 barrels per day of condensate, drawn from the Ouinat Wanin and Ouinat Kaza formations.
The Ghadames Basin straddles a tri-border zone shared by Libya, Algeria, and Tunisia, situated roughly 600 to 620 kilometers southwest of Tripoli. The formation is widely regarded as one of the most consequential hydrocarbon basins on the continent, owing to its vast reserves of both oil and natural gas.
The discovery arrives against a backdrop of persistent vulnerability in Libya's energy sector. While oil and gas exports remain the North African nation's primary revenue lifeline, output has been repeatedly disrupted in recent years by armed conflict and chronic political instability — factors that have long undermined the country's capacity to fully capitalize on its considerable underground wealth.
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