A consortium led by Spanish oil firm Repsol SA (REP) found oil in the NC202 block of the Sirte basin off Libya's coast, Libya's National Oil Corp., or NOC, said on its Web site.
Initial tests showed an oil flow of 1,264 barrels of 26 API crude a day, NOC said.
Repsol has a 21% operating stake in the block, while NOC holds 65%, and Austrian oil firm OMV AG (OMV.VI) holds 14%. The oil was found about 40 kilometers southwest of the city of Benghazi.
The find is the first discovery in the NC202 block, which was awarded by NOC in November 2003.