MedcoEnergi discovers more oil and gas in Libya

oil-libyaIndonesian explorer MedcoEnergi has discovered additional oil and gas at Area 47 in Libya

The O2 well was spud in May 2014 and drilled to a total depth of 3,285.3 metres. Initial tests demonstrated the well flowing 3,300 bpd and 3,964 cu/m per day of gas through a 48/64” choke in the Top Lower Akakus formation.

MedcoEnergi said that the well location that lie outside reservoir closing contour proved the existence of stratigraphic element that may have connection to multiple structures in the area.

The discovery of O2 well and P2 well in July 2014 again proved the prolific hydrocarbon area of Ghadames Basin in Area 47, where large oil and gas reserves was discovered with a 90 per cent exploration success rate, it added.

Earlier this month, Libya declared the commerciality of B, C and J structures in Area 47. MedcoEnergi, with partners National Oil Corporation (NOC) Libya and Libyan Investment Authority (LIA), will commence this development together with the A, D and F structures, previously declared commercial in 2011. Combined, the total estimated oil and gas recoverable reserves is 250mn barrels of oil equivalent.

Lukman Mahfoedz, CEO at MedcoEnergi, said, “These successes prove our company’s strong capability in exploration with more and more discoveries of new oil and gas resources in Indonesia as well as overseas. This achievement will contribute to MedcoEnergi’s growth by adding oil and gas reserves and increasing the company’s reserve life index.”

Production from Libya’s Area 47 is expected to start in 2016, with a production capacity target of 50,000 bpd. The project will monetise about 300mn barrels of oil equivalent of recoverable reserves from six out of 16 oil and gas fields that have been discovered so far in Area 47.

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