Project Profile
Location: Sirte Basin, Libya
Value: US$10 million
Production: 100,000 b/d of oil
Upstream: 100,000 bbl/day
The North Gialo field is located in the Sirte basin in Libya. The onshore field is located in the south eastern sector of the Sirte basin. It is at the latitude of 29deg 1\' 60 N and longitude of 21deg 33\' 0 E. The field is operated by Waha Oil Company which is the second largest company in Libya that produces oil and gas.
The field was discovered in 1961. The production from the field is likely to start in 2013. The field is estimated to produce 100,000 bpd (barrels per day) and 200 MMCF (million cubic feet) per day of natural gas. The natural gas produced from the field will be re-injected to enhance the crude oil recovery from the field.
The life of the field is expected to be around 21 to 22 Years with complete abandonment by 2034. The field is expected to generate $78 Billion in revenues (undiscounted) during its life (starting 2013) and is expected to yield an IRR (Internal Rate of Return) of approximately16.5%.
Operators:
Waha Oil Company (WOC)
Consortium:
Hess Corporation
National Oil Corporation (NOC)
ConocoPhillips
Marathon Oil Corp
Contractors:
Salico LLC - FEED