KEY POINTS
- Austria’s OMV discovers new oil and gas reserves in Libya’s Sirte Basin.
- The B1 exploratory well yielded over 4,200 barrels of oil and 2.6 million cubic feet of gas daily.
- The find marks OMV’s first discovery under its 2008 exploration deal with Libya’s National Oil Corporation.
Libya’s National Oil Corporation, NOC, has announced a fresh oil discovery in the Sirte Basin made by Austria’s OMV, signalling renewed momentum in the country’s upstream sector amid efforts to revive production capacity following years of disruption.
The discovery was made at the B1 exploratory well within Block 106/4, where OMV serves as operator under an Exploration and Production Sharing Agreement (EPSA) signed with the NOC in 2008. Test results from the well showed promising production figures, yielding an average of more than 4,200 barrels of oil and 2.6 million cubic feet of gas per day at a total depth of 10,476 feet.
The NOC described the find as a significant step in strengthening Libya’s oil potential, particularly in the Sirte Basin, a region long regarded as one of North Africa’s richest hydrocarbon zones. Officials said the results confirm the continued prospectivity of Libyan acreage and reflect growing confidence among international operators returning to the country’s energy sector.
Momentum Returns to Libya’s Exploration Landscape
For OMV, the discovery represents its first in Block 106/4 and reinforces its long-term commitment to Libya’s exploration and production plans. The company has maintained a cautious but steady presence in the country, balancing exploration efforts with a focus on safety and operational stability.
Industry observers see the announcement as a sign of recovery for Libya’s oil exploration drive, which has suffered setbacks from political instability and infrastructure challenges in recent years. The NOC has been working to restore investor confidence through regulatory stability and improved field management, aiming to push national output closer to pre-crisis levels.
The Sirte Basin remains central to that ambition, hosting several key oilfields and gas deposits that underpin Libya’s export revenues. With OMV’s latest success, analysts expect further appraisal work to follow, paving the way for possible development and future production tie-ins.
The NOC expressed optimism that the find would not only expand Libya’s proven reserves but also attract renewed international partnerships. For a country seeking both economic recovery and energy diversification, the Sirte Basin continues to offer vital promise.
