Libya’s oil and gas sector has recorded a new business development after OMV and the National Oil Corporation (NOC) confirmed the commercial viability of the Essar discovery in the Sirte Basin.

OMV said technical and economic evaluations found up to 45 million barrels of gross recoverable resources at the discovery. The field could reach an estimated production capacity of about 6,000 barrels per day once fully developed. 

The discovery is located close to existing infrastructure, which OMV said could support faster development and cost-efficient implementation.

OMV holds a 12% interest in concession area C 103. The company described the discovery as an important part of its long-term commitment to Libya and its upstream growth strategy.

The development comes as Libya seeks to expand oil and gas production and attract international expertise and investment into its energy sector. The NOC has also recently held discussions with major international companies on technology transfer, production growth and operational efficiency.