BENGHAZI: Libya’s state-run Oil National Corp. (NOC) announced on Tuesday in a statement a new oil discovery in well H1-NC4 by its subsidiary Arabian Gulf Oil Company (AGOCO) in the Ghadames oil basin. The Ghadames basin is located in northwestern Libya, near the Libyan-Algerian border.
“The well’s daily production is estimated at approximately 4,675 barrels per day (bpd) of crude oil, and approximately 2 million cubic feet of gas,” NOC said in the statement.
The project is wholly owned by NOC, the statement added.
An oil source at AGOCO told Reuters that the company’s oil production had reached up to 310,000 bpd by the end of October.
Last week, the corporation announced another oil discovery in the Sirte Basin through Austrian oil, gas and chemicals group OMV, with production testing showing more than 4,200 bpd of oil and over 2.6 million cubic feet of gas per day.
Libya’s NOC announces new oil discovery in Ghadames Basin
https://arab.news/nz63u
Libya’s NOC announces new oil discovery in Ghadames Basin
- “The well’s daily production is estimated at approximately 4,675 barrels per day,” NOC said
- The project is wholly owned by NOC
Syria’s growth accelerates as sanctions ease, refugees return
- Economy grows much faster than World Bank’s 1% estimate, fueling plans for currency’s relaunch
NEW YORK: Syria’s economy is growing much faster than the World Bank’s 1 percent estimate for 2025 as refugees flow back after the end of a 14-year civil war, fueling plans for the relaunch of the country’s currency and efforts to build a new Middle East financial hub, central bank Governor AbdulKader Husrieh has said.
Speaking via video link at a conference in New York, Husrieh also said he welcomed a deal with Visa to establish digital payment systems and added that the country is working with the International Monetary Fund to develop methods to accurately measure economic data to reflect the resurgence.
The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the fall of Bashar Assad’s regime about a year ago, described the repeal of many US sanctions against Syria as “a miracle.”
The US Treasury on Nov. 10 announced a 180-day extension of the suspension of the so-called Caesar sanctions against Syria; lifting them entirely requires approval by the US Congress.
Husrieh said that based on discussions with US lawmakers, he expects the sanctions to be repealed by the end of 2025, ending “the last episode of the sanctions.”
“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he said.
Husrieh also said that Syria was working to revamp regulations aimed at combating money laundering and the financing of terrorism, which he said would provide further assurances to international lenders.
Syria’s central bank has recently organized workshops with banks from the US, Turkiye, Jordan and Australia to discuss due diligence in reviewing transactions, he added.
Husrieh said that Syria is preparing to launch a new currency in eight note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound.
“The new currency will be a signal and symbol for this financial liberation,” Husrieh said. “We are glad that we are working with Visa and Mastercard,” Husrieh said.
