Austrian independent OMV and the National Oil Corporation (NOC) of Libya have jointly confirmed the commercial viability of the “Essar” discovery in the Sirte Basin.
“The reservoir contains estimated gross recoverable resources of up to 45Million barrels of oil”, the parties said, adding the “field is expected to reach a gross production capacity of approximately 6,000 barrels of oil per day once fully developed”.
The proximity to existing infrastructure enables accelerated development, cost-efficient implementation.
Development of the reservoir will be led by Zueitina Oil Company, the NOC-OMV joint operating company.
OMV averaged 35,000Barrels of Oil Equivalent Per Day (35,000BOEPD in Libya in 2025. It was 25% higher than 2024, and the highest level ever achieved in the country. OMV produced 305,000BOEPD worldwide in 2025.
