What did Libya's NOC confirm about the Essar oil discovery, and what are its estimated recoverable reserves and initial production capacity?

Libya's National Oil Corporation (NOC) confirmed the commercial viability of the Essar oil discovery following a comprehensive evaluation of OMV's development plan for the B1-106/4 well. According to NOC, the combined recoverable reserves from the upper and lower 'Sabil' reservoirs amount to approximately 195 million barrels of crude oil, with an expected initial production capacity of around 5,000 barrels per day.

How does the Essar discovery fit into Libya's broader efforts to revive its oil sector after years of conflict?

The Essar discovery marks a key milestone in Libya's efforts to restore its oil industry after years of civil war and instability; it follows the country's first round of oil and gas exploration tenders in 18 years, recent production-sharing agreements signed in May 2025 with major international firms including Repsol, Eni, Qatar Energy, and MOL — the first such large-scale awards in 17 years — and a rebound in national oil output to about 1.4 million barrels per day, the highest level in over a decade, with official targets aiming for 1.6 million bpd by year-end and 2 million bpd in the longer term.

Libya NOC Confirms Commercial Viability of Essar Oil Discovery

Jul 21, 2026

Libya's NOC and OMV confirmed the Essar oil discovery is commercially viable, with estimated recoverable reserves of 195 million barrels and initial production of 5,000 barrels per day, supporting the country's goal to boost output to 1.6 million barrels daily by year-end.

ccin

2026-07-21

Libya NOC Confirms Commercial Viability of Essar Oil Discovery

FAQ

Scan to get the App