The National Oil Corporation (NOC) announced, on Wednesday, a new oil discovery in the area of Contract 82/04, located in Ghadames Basin, in the west of the country.

NOC stated in a statement that the Russian company Tatneft tested the exploratory well W1-82/4 (F1-82/4), which it drilled at a total depth of 8,500 feet and is located about 330 km south of Tripoli.

The statement explained that the achieved flow rate is 1,870 barrels of oil per day from Devonian and Ordovician sandstones through a specific choked volume in accordance with Libyan legislation.

It pointed out that this well represents the third discovery of the company's exploration activity in the contract area 04/82.

It is to be noted that the Tatneft Company is the operator of the contract area "82/4" as a second party, which is tied to Libya’s NOC with the exploration and production sharing agreement "EPSA" signed by the two parties in December 2005.

Under the agreement, NOC’s specified interest share in the explored well totals 89.5%, while the share of the Russian company is 10.5%, according to the statement.