Libya’s Arabian Gulf Oil Strikes Oil, Gas

Libya’s Arabian Gulf Oil Co., wholly owned by National Oil Corp., has discovered oil and gas in the Ghadames basin about 150 kilometers southwest of the capital Tripoli, NOC said on its website.

NOC reports that it has drilled the F1-NC4 New Field Wildcat well to a total depth of 10,300 feet. 

Meanwhile in another statement, NOC has said that Libya is expected to generate $54.9 billion in revenue from oil and gas this year.