The Arabian Gulf Oil Company (Agoco) has achieved new success in its ongoing exploration efforts, announcing a recent oil discovery. The find occurred at the exploratory well designated (H1-NC4) within the (NC4) concession, situated in the northern part of the oil-rich Ghadames Basin.
Initial well test results revealed exceptional production capacity, recording a daily output of 4,675 barrels of crude oil, supplemented by a daily production of 2 million cubic feet of gas. These high figures underscore the substantial geological potential and abundance in the area.
Eng. Mohammed Bin Shatwan, Chairman of the Company’s Management Committee, affirmed that this achievement is a direct result of the company’s diligent work and a well-planned strategy aimed at ensuring sustainable production levels. Bin Shatwan emphasised Agoco’s goal to expand its base of oil discoveries to increase national reserves, thereby strengthening Libya’s position on the regional and global energy map.
Bin Shatwan added that these consecutive discoveries demonstrate the company’s commitment to its national mission of bolstering the economy and actively supporting the National Oil Corporation’s efforts to increase production rates. He concluded by reiterating the company’s commitment to maintaining its leadership role, securing national energy safety, and supporting the country’s economic prosperity.