Libya’s NOC Says OMV’s Essar Oil Discovery Is Commercially Viable

By
Michael Creg Afful
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A member of forces opposed to Libya's unity government waves a Libyan flag at the Zueitina oil terminal on September 14, 2016. Forces opposed to Libya's unity government handed management of four vital oil ports to the National Oil Company on September 14, after seizing them in a blow to fragile peace efforts. Prime minister-designate Fayez al-Sarraj called for urgent talks after the ports were captured by forces loyal to Field Marshal Khalifa Haftar, who supports a rival administration in the country's east. / AFP / Abdullah DOMA (Photo credit should read ABDULLAH DOMA/AFP via Getty Images)

Libya’s National Oil Corporation (NOC) said OMV had declared its Essar oil discovery commercially viable following the drilling of appraisal well B1-106/4 and the completion of an evaluation of the field’s development plan.

The NOC said the evaluation confirmed the discovery’s commercial viability.

The discovery is estimated to contain about 195 million barrels of recoverable oil from the Upper and Lower Sabil reservoirs, with expected production of around 5,000 barrels per day, the NOC said.

Development of the field will be carried out by Zueitina Oil Company, the operator, with production expected to begin as quickly as possible because of the site’s proximity to existing surface facilities.

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