Libya has moved a step closer to expanding its oil production after declaring a 195-million-barrel discovery by Austrian energy company OMV commercially viable, marking another milestone in the North African country's efforts to revive its upstream sector with the help of international oil majors.
The National Oil Corporation (NOC) announced that the Essar oil discovery in the prolific Sirte Basin has successfully completed its technical and economic evaluation, paving the way for development and eventual production.
According to the NOC, the discovery was confirmed following the drilling of well B1-106/4 and the completion of an evaluation of OMV's development plan.
The field is estimated to contain 195 million barrels of recoverable oil from the upper and lower Sabil reservoirs and is expected to produce around 5,000 barrels per day (bpd) once brought online.
Development of the project will be led by Zueitina Oil Operations Company, with production expected to begin as quickly as possible due to the field's proximity to existing oil infrastructure.
