OMV has announced a significant success in Libya with the confirmation of the commercial viability of the “Essar” well in the Sirte Basin. Together with the National Oil Corporation (NOC) of Libya, OMV holds a 12% stake in the C 103 concession area, which is estimated to have recoverable gross resources of up to 45 million barrels of oil. Once fully developed, the field is expected to achieve a production capacity of approximately 6,000 barrels of oil per day.
The company noted that the proximity to existing extraction and processing infrastructure will allow for a quick and cost-effective development of the field. According to Berislav Gašo, Executive Vice President of OMV Energy, this discovery underscores Libya’s potential as a key energy region in Africa and marks another milestone in the long-term partnership between OMV and NOC. “The discovery of the Essar field is a significant milestone for OMV and our partners at NOC,” Gašo stated. “Strategic partnerships of this nature are crucial for ensuring the energy needed by the world.”
Libya remains a vital country for OMV within the southern region, forming a core part of the company’s upstream exploration and production portfolio. North Africa plays a crucial role in the development strategy of this segment. OMV has been operating in Libya for about 50 years and is among the longstanding international energy partners in the country, having resumed exploration activities in late 2024 after a hiatus of more than a decade.
