NOC confirms commercial viability of Essar oil discovery

Libya's National Oil Corporation (NOC) has declared the Essar (Cyclone) discovery in concession 103 to be commercially viable. This announcement follows the successful drilling of well B1-106/4 and a thorough evaluation of the development plan submitted by the Austrian company OMV. The study confirmed the significant commercial potential of the discovery.

The Essar discovery holds substantial reserves, estimated at 195 million barrels of oil across the Upper and Lower "Al-Sabeel" reservoirs. Production is anticipated to reach approximately 5,000 barrels of oil per day. This output level is expected to contribute significantly to Libya's oil production capacity.

Development operations for the Essar discovery will be undertaken by the operator, Zueitina Oil Company. The project is prioritized for rapid development and brought on stream as quickly as possible. This urgency is attributed to the discovery's strategic location, being in close proximity to existing surface facilities, which will streamline the integration and operational processes.

The commercial viability of the Essar discovery marks a positive development for Libya's oil sector, promising increased production and revenue. The collaboration with OMV and the efficient management by Zueitina Oil Company are key to realizing the full potential of these valuable reserves.