Spanish-Argentine oil producer Repsol YPF said Tuesday it had discovered a major oil field in Libya with a capacity of 474 million barrels, and had sought permission from the Libyan authorities to develop the resource.
Noting that North Africa was one of its "most profitable areas," Repsol said the field in the central southern Murzuq basin had 1.261 billion barrels of "oil in place" and its development would make the company the "main private oil-producing company in Libya."     
Repsol said the "mega-field" was the biggest in the company’s history and "will allow Repsol to double its production and reserves" in Libya.    
Repsol is present in the North African state through Repsol Oil Operations, a joint venture between Repsol and the National Oil Corporation of Libya. An offshoot, Repsol Exploration Murzuq, is helping to draw up a plan for commercial development of the site over 25 years.
Repsol said developing the mega field, which includes the NC186 and NC115 blocks, would help to "guarantee sustained growth for the coming 15 years."
Repsol said it was producing about 250,000 barrels of crude a day in Libya.
(Middle East News)