OMV discovers commercially viable oil field in Libya

Austrian energy firm OMV and Libya’s National Oil Corporation (NOC) have announced that the Essar field discovery in the Sirte Basin is commercially viable. The well, located within the C103 concession area, contains up to 45 million barrels of recoverable oil.

Once fully developed, the field is expected to produce approximately 6,000 barrels per day. Zueitina Oil Company (ZOC) will lead the development of the reservoir. Because the discovery is situated near existing production and processing facilities, the integration of these resources into active production channels is expected to be relatively quick and cost-effective.

This discovery marks a significant milestone for OMV, representing its first operated exploration well in Libya since the 1990s. The development of Libyan crude offers a potential alternative supply route for European refiners, particularly as global energy markets face disruptions in other regions.