Libya confirms commercial viability of new Essar oil field with ~195 million barrels

Libya's National Oil Corporation (NOC) and Austria's OMV announced that the Essar oil field, discovered after drilling the B1-106/4 exploratory well, meets commercial viability criteria. The field is estimated to hold about 195 million barrels of oil and could produce roughly 5,000 barrels per day once operational. Development will be led by Zueitina Oil Operations and is expected to proceed quickly thanks to nearby existing oil infrastructure.

The discovery comes as Libya intensifies efforts to revive its oil sector after years of civil conflict. Production has risen to around 1.4 million barrels per day, the highest in a decade, with plans to reach 1.6 million barrels daily by year‑end and 2 million barrels in the coming years, reinforcing its position as Africa's second‑largest OPEC oil producer.