Libya and OMV Declare Essar Oil Discovery Commercial as Production Revival Accelerates
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 upper and lower Sabil reservoirs, with an expected production capacity of about 5,000 barrels per day. Development work will be led by Zueitina Oil Operations Company, with rapid production targeted due to proximity to existing facilities. This announcement follows Libya's first oil and gas bid round in 18 years, launched in 2025, which saw agreements with international firms including Repsol, Eni, and QatarEnergy. Libya's oil production has risen to approximately 1.4 million bpd, its highest in over a decade, with officials aiming for 1.6 million bpd by year-end and 2 million bpd in the longer term.
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