Massive oil and gas deposits discovered in North Africa media

RT.com
25 Mar 2023, 13:44 GMT+10

The recent find reportedly extends through vast territories of Libya and Tunisia

Two large oil and gas basins have been discovered between Libya and Tunisia, Afrigate News reported earlier this week, citing the report by the US Geological Survey (USGS).

The first giant deposit extends along the eastern Tunisian coast with a smaller part located on-shore and the rest embedded off the coast. It runs from the shores of the city of Bizerte and the Gulf of Tunis, through to the city of Misrata.

Another field was discovered in Libya's Gulf of Sidra off the coast of Sirte, according to the USGS report.

In its first assessment, the US government agency said that the findings in the African countries contain a total of 4 trillion barrels of oil and 385 billion cubic feet of natural gas, which is the equivalent of 1.47 trillion barrels of liquefied natural gas.

According to preliminary estimates, Libya's oil and gas reserves could double as a result of the discovery, while Tunisia could become a major North African energy producer.

In 2021, Libya was the seventh-largest OPEC crude oil producer and the third-largest in Africa, after Nigeria and Algeria, according to the US Energy Information Administration (EIA). Libya holds 3% of the world's proven oil reserves and 39% of Africa's proven reserves.

Meanwhile, the EIA estimates Tunisia's formations hold 23 trillion cubic feet of proven shale gas reserves and 1.5 billion barrels of technically recoverable shale oil resources.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.

More Information

null in null

International Business

Section

Over 60 companies named in UN report on Israel-Gaza conflict

GENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...

Persson family steps up H&M share purchases, sparks buyout talk

LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...

Shell rejects claim of early merger talks with BP

LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...

Australian PM rejects US pressure to ease biosecurity rules

SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...

Beijing conference spotlights esports as new engine of digital economy

BEIJING, July 5 (Xinhua) -- No dull rows of chairs and tables, no endless slides of charts and numbers -- instead, a gleaming statue...

Sudan's Khartoum strives to recover amid ongoing civil war

KHARTOUM, July 5 (Xinhua) -- After more than two years of devastating conflict, Sudan's capital Khartoum is slowly emerging from the...

Mediterranean

Section

Early heatwave grips Europe, leaving 8 dead and nations on alert

LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...

Turkey, France battle wildfires amid early Europe heatwave

ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...

Daily World Briefing, July 6

Chinese FM urges China, France to uphold multilateralism, rules of free trade China and France should champion multilateralism and...

"Big crowd, lot of expectations, he has handled it very well...": Indian bowling coach on Gill's masterclass

Birmingham [UK], July 6 (ANI): Indian bowling coach Morne Morkel hailed skipper Shubman Gill after a record-breaking outing at Birmingham,...

"You deserve all of this": Gill earns plaudits from his predecessor Virat Kohli after match-defining exploits in Birmingham

New Delhi [India], July 5 (ANI): India's batting mainstay Virat Kohli had unstinting praise in store for Test captain Shubman Gill,...

How much should America pay to keep Netanyahu in power

With Gaza still burning and corruption charges mounting, Israels prime minister arrives in D.C. looking for favors, not peace Fresh...