Repsol YPF has discovered a major oil field in Libya and has asked authorities for permission to develop the 474-million-barrel resource.
Repsol said the field, in the central southern Murzuq basin, was the biggest find in company history at 1.261 billion barrels of oil. A subsidiary of the joint venture between Repsol and National Oil Corp. of Libya, Repsol Exploracion Murzuq, is drawing up a 25-year plan for development of the site.
Repsol Chairman Antonio Brufau said the company's Libyan production would reach 450,000 barrels per day by 2010, up from 250,000 bpd currently.
(Greenwire, 27/02/2007)