Libya’s National Oil Corporation (NOC) has confirmed that the Essar oil discovery operated by OMV Austria is commercially viable, following the drilling of well B1-106/4 and the completion of a development plan evaluation submitted to the regulator.

The find, located in the Sirte Basin in central Libya, holds estimated reserves of 195 million barrels of oil across the Upper and Lower Sabil reservoirs, with NOC projecting output of around 5,000 barrels per day once developed.

Zueitina Oil Operations, an NOC subsidiary, will operate the field. NOC said the discovery’s proximity to existing surface facilities should allow development to move quickly and bring the field into production without lengthy delays.

The confirmation adds to a run of upstream progress for Libya’s oil authority, which has granted several new licences to international operators in recent months, including a production sharing agreement between MOL Group, Repsol and Turkiye Petrolleri AO for offshore exploration acreage in the Mediterranean. NOC has also brought the Sabratha Compression Project, a joint venture with Eni’s Mellitah Oil & Gas, on stream, adding roughly 440 million standard cubic feet a day of gas compression capacity.

Source: drillingcontractor.org, oilreviewafrica.com