OMV Confirms Viable Libyan Oil Discovery with 45M Barrels

Austrian majority state-owned company OMV AG has confirmed that its oil discovery in Libya's Sirte Basin is commercially viable. The 'Essar' field, operated by OMV through its 12% stake in concession area C103, contains up to 45 million barrels of recoverable oil.

The company expects gross production of 6,000 barrels per day and plans to develop the field quickly and cost-efficiently due to its proximity to existing facilities. This marks another milestone in OMV's partnership with Libya's National Oil Corp (NOC).

Libya holds Africa's largest proven oil reserves and is one of the world's most significant oil-producing countries, according to OMV. The company has been exploring opportunities in the region for years and sees Libya as a key part of its upstream growth strategy.