f New Giant Hydrocarbon Dıscovery in Sirte Basin, Libya

In January of 2002, Waha Oil Company discovered a new giant oil field in the SE region of the Sirte Basin. This discovery is situated north of Waha’s giant Gialo oil field, which produces hydrocarbon from Oligocene, Eocene & Paleocene. The new oil field is a combination structuralstratigraphical trap produced from the highly fractured Pre-Upper Cretaceous Nubian sandstones which developed on the northern flank of the Gialo Basement High. Currently, the estimated STOOIP is over five billion barrels of OIP of 43° API gravity. The exploration activities for hydrocarbons in the North Gialo area dates back to the early 60’s. In the 70’s four exploration wells were drilled in Waha acreage and the Nubian formation was tested without encountering any commercial hydrocarbon accumulation. In the mid 90’s, a new hydrocarbon entrapment concept was proposed, asserting hydrocarbon accumulation in the Nubian formation, leading to the acquisition of new 3D seismic. Based on which Waha proposed in November 2001, the spudding of the discovery well 6J1-59. The well encountered a 1600-foot gross oil column before reaching the oil water contact. To date, we have drilled 17 appraisal wells, of which 16 have tested positive for oil and gas, to delineate the extent of the reserves. In the most favorable reservoir location a 1639 foot thick oil column has been encountered. Waha estimates, given the present data, that the field covers more than 108 square kilometers. The eastern and southern extensions of the field are still to be defined by recently acquired 3D seismic data. The discovery of this new giant oil field which is in a mature exploration area and is based on an alternative interpretation of the geological and geophysical data, adds value to the potential reserves to be found in the Sirte Basin. We hope that our discovery will be taken as an exploration model by the oil industry in Libya and will instigate a new generation of giant oil fields.