Libya’s National Oil Company (NOC) confirmed that the “Essar” discovery, made by OMV Austria, is commercially viable. The announcement follows the drilling of well B1-106/4 and the completion of the company’s development plan evaluation, which verified the project’s economic feasibility.

The discovery holds estimated reserves of 195 million barrels of oil across the upper and lower “Sabil” reservoirs, with projected production capacity of approximately 5,000 barrels per day (bbl/d).

Development of the discovery will be undertaken by the operator, Zueitina Oil Operations Company, with production expected to commence swiftly due to the site’s proximity to existing surface facilities.

OMV Austria, whose shares trade on the Vienna Stock Exchange (OMV) and in the U.S. on OTCQX (OMVKY, OMVJF), is advancing its transition into an integrated company focused on sustainable energy, fuels, and chemicals.

NOC stands as the country’s leading energy enterprise, dedicated to responsibly harnessing natural resources to drive sustainable progress and enhance quality of life in Libya and beyond.