OMV and Libya’s National Oil Corporation (NOC) have confirmed the commercial viability of the Essar oil discovery in the Sirte Basin.
Technical and economic evaluations indicate that the reservoir contains gross recoverable resources of up to 45 million barrels of oil. Once fully developed, the field is expected to reach a gross production capacity of approximately 6,000 barrels per day.
OMV operates the Essar well and holds a 12% interest in Concession C103. Development of the reservoir will be led by Zueitina Oil Company.
The discovery’s proximity to existing production and processing facilities is expected to support an accelerated and cost-efficient development. OMV described the result as an important milestone in its long-standing partnership with the NOC and its upstream growth strategy in North Africa.
“The Essar discovery is a major milestone for OMV and our partners at the NOC,” said Berislav Gašo, OMV Executive Vice President Energy. “It confirms not only Libya’s considerable potential, but also the value of long-term partnerships, technical excellence and our unwavering commitment on the ground.”
OMV has operated in Libya for around 50 years and resumed exploration activities in the country at the end of 2024, following a break of more than a decade. Libya remains one of the company’s strategic upstream focus countries.
Read the original OMV announcement
Interested in Libya? Check out the EAGE/ AAPG Libya Petroleum & Geoscience Conference & Exhibition on 18-20 October 2027 (Tripolis, Libya).
