CROATIAN OIL COMPANY DISCOVERS OIL FIELD IN LIBYA

( Editorial: --> 4895 ) ZAGREB, Jan 16 (Hina) - Croatian oil company Ina-Naftaplin discovered an oil field estimated at US$1.6 billion on its platform Zagreb 1 in Libyan waters, Ina said Friday. The company has been searching for oil in Libya since 1996. According to Ina's experts, the oil field contains 12 million tonnes or 75 million barrels of oil. Further research should in the next 20 days show the final profitability of the find. If the Libyan Government grants permission, further work on the oil field will, according to Ina's experts, cost US$300 million. The costs would, on the basis of former concession rights, be covered by Ina or its possible partners. A concession agreement also stipulates that the oil will, after covering search costs, be divided 65:35 per cent in favour of Libyan oil company NOC. According to Ina, this is the company's first profitable oil-well abroad, and a stimulus for future research in Egypt, Russia and Albania. (hina) ha jn 161214 MET jan 98