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Libya’s Agoco Finds Oil, Gas in Ghadames Basin, NOC Says

Libya’s Arabian Gulf Oil Co. made an oil and natural-gas discovery in the Ghadames basin about 150 kilometers (93 miles) southwest of the capital Tripoli, National Oil Corp., according to it state-run parent company.

The company, also known as Agoco, made the find after drilling a 10,300-foot deep exploratory well, Tripoli-based NOC said yesterday on its website.

National Oil expects to generate $54.9 billion in revenue from oil and gas this year, according to a separate statement posted on its website. The revenue will come from exports and taxes on oil companies operating in the North African country, NOC said.

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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