In October 1997, an international consortium led by British company Lasmo, along with Eni (33%) and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves (around 700 million barrels) at the NC-174 Block, which is located in the southwestern Libyan desert about 465 miles (800 km) south of Tripoli, Libya. Other participants in the block included Agip Nord Africa B.V. and a consortium of Korean companies, which included the Daesung Group, Daewoo International Corp., Hyundai Corporation, Korea Petroleum Development Corp., and the Majuko Group. Lasmo (the former operator), which was purchased by Eni in January 2001, estimated that production from the field would cost around $1 per barrel. Development costs were estimated to be $500 million.[1]
Elephant began production in February 2004 at around 10,000 bpd. In 2006, Eni indicated that Elephant was producing at around 125,000 bbl/d (19,900 m3/d), and the company was hoping to see the field reach full capacity of 150,000 bbl/d (24,000 m3/d) by 2008. In 2006 the field yielded 124 kbbl/d (24 net to Eni).[2]
The Operator of the Elephant Field is Agip Oil Company Limited, a company equally owned by NOC and Eni.[3]
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