OMV announced yesterday that following the completion of technical and economic evaluations, the OMV operated “Essar” well in Libya’s Sirte Basin has been classified as commercially viable. OMV holds 12% interest in the concession area C 103.
The Austrian company reported that studies indicate total recoverable resources of up to 45 million barrels of oil. Development of the reservoir will be led by Zueitina Oil Company.
It said that, due to its proximity to existing production and processing facilities, the field can be developed quickly and brought on stream in a cost-efficient manner.
The company said the discovery highlights Libya’s potential as one of Africa’s most important energy regions and marks another milestone in the long-standing partnership between OMV and the NOC.
“The Essar discovery is a major milestone for OMV and our partners at the NOC. 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. Strategic collaborations such as this are essential to providing the energy the world needs. I am proud of what we have achieved together and look forward to the next chapter in Libya”, says Berislav Gašo, OMV Executive Vice President Energy.
OMV said Libya is one of the strategic focus countries within the company’s core region South of its Upstream portfolio. North Africa plays a substantial role in the company’s upstream growth strategy. OMV has been active in Libya for around 50 years and is among the country’s long-standing international energy partners. At the end of 2024, the company resumed exploration activities in Libya after an interruption of more than ten years.
OMV has extensive experience in the exploration and production of oil and gas in North Africa and relies on close cooperation with local partners as well as the continuous optimization of existing assets. Libya holds Africa’s largest proven oil reserves and ranks among the world’s most significant oil-producing countries, OMV concluded.