Libya Declares Major Oil Discovery Commercial as Production Revival Gains Pace
Libya's National Oil Corporation (NOC) and Austrian energy firm OMV have declared the Essar oil discovery commercially viable, marking a milestone in Libya's efforts to revive its oil industry after years of civil war. The discovery, made by OMV, holds an estimated 195 million barrels of oil from the Sabil reservoirs, with an expected production capacity of about 5,000 barrels per day. Development will be led by Zueitina Oil Operations Company, with rapid production targeted due to proximity to existing facilities. This follows Libya's first oil and gas exploration bid round in 18 years, launched in 2025, which attracted international majors including Repsol, Eni, and QatarEnergy. Libya's current production has reached approximately 1.4 million barrels per day, its highest in over a decade, with officials aiming for 1.6 million bpd by end of 2026 and 2 million bpd in the longer term.
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