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Libya declares Essar oil discovery commercially viable with OMV
Libya estimates the Essar discovery holds 195 million barrels and could reach about 5,000 bpd, with development expected to start quickly due to nearby surface facilities.
Libya’s National Oil Corporation (NOC) and Austria’s OMV have declared the Essar oil discovery commercially viable as Libya accelerates efforts to revive upstream production through partnerships with international oil majors, OilPrice reports.
NOC said the Essar discovery, made by OMV Austria, was declared viable after drilling well B1-106/4 and completing the evaluation process for the development plan submitted to NOC.
Total reserves from the discovery are estimated at 195 million barrels across the upper and lower Sabil reservoirs, with expected production capacity of about 5,000 barrels per day, the state oil firm said.
Development work is set to begin under the operator, Zueitina Oil Operations Company, and NOC said bringing the project into production should be faster given the site’s proximity to existing surface facilities. OilPrice notes Libya is also running a campaign to attract Big Oil firms after years of civil war, including launching its first oil and gas exploration bid round in 18 years last year.