Libya’s National Oil Corporation has approved the commercial viability of the “Al-Isar” oil field discovery made by Austria’s OMV, following completion of drilling at the B1-106/4 exploration well and evaluation of the company’s development plan.

Preliminary estimates put the discovery at approximately 195 million recoverable barrels of oil from the Upper and Lower Sabil reservoirs, with the well expected to produce around 5,000 barrels a day. Zueitina Oil Operations Company will develop the field as operator, and the NOC says its proximity to existing oil infrastructure and production facilities should help speed up development so production can start as soon as possible.

The corporation said the find adds to Libya’s oil sector and will support plans to increase production and strengthen the country’s reserves, contributing further to the national economy.

Source: (libyaobserver.ly)