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Libya Announces New Onshore Oil Discovery
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Why This Matters
Libya's National Oil Corporation announced a new onshore oil discovery in the Ghadames basin, with estimated daily production of 4,675 barrels of crude oil and 2 million cubic feet of gas.
Market Impact
Market impact analysis based on bullish sentiment with 80% confidence.
Sentiment
Bullish
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80%
Article Context
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Libya’s National Oil Corporation (NOC) said on Tuesday its wholly-owned subsidiary Arabian Gulf Oil Company (ACOGO) has made a new oil discovery in the Ghadames basin in northwestern Libya, close to the Libyan-Algerian border. The discovery was made in well H1-NC4, with daily production estimated at about 4,675 barrels per day of crude oil, and approximately 2 million cubic feet of gas, NOC said in the statement carried by Reuters. Last week, the Libyan state oil company announced a new oil discovery by the Libyan subsidiary of Austrian…
Original article published by
OilPrice.com
on November 4, 2025.
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