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Operators plan more drilling after third Libyan bid round

02/05/2007
Operators committed to drilling at least 35 new exploration wells under successful bids in Libya’s third round.Libya has the largest oil reserves in Africa (39 billion bbl) and is the eighth-largest oil producer among the members of the Organization of Petroleum Exporting Countries (OPEC). Libya wants to increase oil production to 2 million b/d by 2008-10 and to 3 million b/d by 2015, from 1.6 million b/d today.Since 1961, Libya has produced high quality, low-sulfur, sweet crude oil, primarily sold into the European market. The country is now the second-largest oil supplier to Europe. Libya’s National Oil Corp. (NOC) set up subsidiaries with offices in Europe: Umm Al-Jawaby Oi...
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