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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.

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