The Arabian Gulf Oil Company (AGOCO) intends to hold a workshop between the 4th and 6th of next November on the oil and gas potential of the “Cyrenaica Flat” and neighboring areas in eastern Libya.
The workshop aims to invite specialists to study and evaluate the geological and petroleum characteristics of the region, and compare them with neighboring regions, in order to come up with new exploratory methods that may contribute to uncovering the oil potential of the region, according to a statement issued by AGOCO.
A member of the company’s management committee, Ahmed Al-Majdoub, said that the company has worked since its establishment to explore for oil and gas in different regions of Libya, and has achieved many successes.
He added that the Arabian Gulf Company has risen to the ranks of international companies, stressing that the decision to return to oil and gas exploration in the Cyrenaica region is consistent with its constant endeavor to explore new and abandoned areas.
The statement indicated that the Cyrenaica region was one of the first areas where oil exploration began during the 1950s, but exploration work there stopped for several reasons, perhaps the most important of which was the huge discoveries made by oil companies during that period in the Sirte oil basin (such as the Sirte , Al-Srir, Al-Nafoura, and other oilfields), and the Hamada oil basin.
It also indicated that the techniques used in that era were not compatible with the complex geological nature of the region. The company explained that it would work through a new perspective and technologies, with the support of the National Oil Corporation, adding that it began this return by starting the work of drilling the exploratory well “A1-75/03.”
