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FINANCIAL NEWS
TPAO unit discovers oil wells in Libya
28 Oct 2010
(MENAFN) Libya’s NOC state oil company said in a statement that a subsidiary of Turkey’s TPAO has discovered oil at two wells on a Libyan concession it operates, Reuters reported.
It said that Turkish Petroleum Overseas Company (TPOC), a wholly-owned TPAO subsidiary, made the discoveries on the Area 147 concession, which it was awarded in 2005.
One well had an oil flow rate of 1,050 barrels per day (bpd) and the other had a rate of 1,300 bpd, said the statement.
TPOC holds a 9.7 percent interest in the concession, and the operatorship, with the rest owned by NOC, said the statement.
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