OMV confirms Essar discovery in Libya's Sirte Basin
- Essar well classified as commercially viable; OMV holds a 12% interest in concession C 103.
- Estimated gross recoverable resources up to 45 million barrels of oil.
- Field expected to reach ~6,000 barrels of oil per day gross once fully developed.
- Development led by Zueitina Oil Company; proximity to existing facilities enables accelerated, cost‑efficient development.
Discovery and commercial viability
OMV and Libya’s National Oil Corporation (NOC) have classified the OMV‑operated “Essar” well in the Sirte Basin as commercially viable. OMV holds a 12% interest in the concession area C 103.
Resources and production outlook
Technical studies estimate gross recoverable resources of up to 45 million barrels of oil. Once fully developed, the field is expected to reach a gross production capacity of approximately 6,000 barrels of oil per day.
Development and execution
Development of the reservoir will be led by Zueitina Oil Company. The discovery’s proximity to existing production and processing facilities enables accelerated development and cost‑efficient implementation.
Strategic context
OMV positions the discovery within its North Africa‑focused upstream growth strategy and long‑standing presence in Libya. The company has been active in the country for around 50 years and resumed exploration activities there at the end of 2024 after an interruption of more than ten years. The announcement underscores Libya’s role among Africa’s most important energy regions and its large proven oil reserves.
Source: OMV