OMV’s Essar discovery in Libya found commercially viable

Libya’s National Oil Corporation confirmed that the Essar discovery made by OMV is commercially viable. The declaration followed the drilling of well B1-106/4 and completion of a development plan evaluation submitted by OMV to NOC.

The discovery holds estimated reserves of 195 million barrels of oil across the Upper and Lower Sabil reservoirs in the Sirte Basin in central Libya. NOC expects the field to produce approximately 5,000 bopd.

Zueitina Oil Operations, an NOC subsidiary, will serve as operator for the field’s development. NOC said the discovery’s proximity to existing surface facilities is expected to speed up development and bring the field into production quickly.