BENGHAZI / ISTANBUL: Libya has announced the discovery of a significant new oil field in the Sirte Basin, a development expected to strengthen the country’s energy sector and support future production growth.
The National Oil Corporation (NOC) said the newly identified “Eassar” field contains an estimated 195 million barrels of recoverable oil. The discovery was made by Austrian energy company OMV after drilling the B1-106/4 exploration well and completing technical evaluations that confirmed the project’s commercial viability.
According to the NOC, the reserves are located within the Upper and Lower Sabil reservoirs in the Sirte Basin, one of Libya’s most productive hydrocarbon regions. Initial production from the field is projected at approximately 5,000 barrels per day (bpd).
Development of the field will be managed by Zueitina Oil Operations Company, an NOC subsidiary, which will oversee efforts to bring the project into commercial production.
The corporation noted that the field’s close proximity to existing oil infrastructure is expected to reduce development costs and accelerate the start of production, helping increase Libya’s overall crude output.
Libya has been working to revive its oil and gas industry since the internationally recognized Government of National Unity lifted force majeure restrictions on exploration activities in December 2022, encouraging international energy companies to resume operations after years of disruptions.
The North African country currently produces more than 1.4 million barrels of crude oil per day and remains exempt from OPEC production quotas due to its unique political and security circumstances.
Holding the largest proven oil reserves in Africa, Libya depends heavily on hydrocarbons, with oil revenues accounting for nearly 90% of government income. Officials view the new discovery as another step toward expanding production capacity, attracting foreign investment, and reinforcing the country’s position in the global energy market.
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