KEY POINTS
- Austrian energy firm OMV makes a significant oil and gas discovery in Libya’s Sirte Basin.
- The B-1 well produced over 4,200 barrels of oil and 2.6 million cubic feet of gas per day during flow tests.
- Discovery could be fast-tracked for development due to its proximity to existing infrastructure.
Austrian energy company OMV has announced a major oil and gas discovery in Libya’s Sirte Basin, marking one of the country’s most promising exploration successes in recent years.
The Vienna-based producer confirmed that its B-1 exploration well, drilled in contract area 106/4, flowed at rates exceeding 4,200 barrels of oil and more than 2.6 million cubic feet of gas per day. The discovery, first reported by Libya’s National Oil Corporation (NOC), signals a potential boost to Libya’s upstream prospects after years of political turbulence and inconsistent output.
The B-1 well, targeting a geological structure known as the Essar prospect, reached a total depth of 10,476 feet. According to OMV, initial studies suggest contingent recoverable reserves of between 15 million and 42 million barrels of oil equivalent.
A Strategic Find in a Familiar Basin
Libya’s NOC said the find is particularly encouraging given its proximity to existing production and transport infrastructure in the Sirte region, one of North Africa’s most prolific hydrocarbon basins. This could allow for faster commercialisation if further tests confirm the reservoir’s scale and quality.
“Situated close to existing infrastructure, the site offers potential for fast-track development,” OMV said in a statement on LinkedIn, adding that it is working with NOC to evaluate the results and outline next steps.
The discovery is OMV’s first in area 106/4 since acquiring exploration rights in 2008. The company, which has maintained a presence in Libya for over two decades, has weathered repeated operational disruptions linked to the country’s political instability.
Industry analysts say the find highlights the continued importance of North Africa’s mature basins to Europe’s medium-term energy security, particularly as global demand for natural gas remains robust and regional producers look to revive stalled investments.
Reviving Libya’s Exploration Ambitions
The Sirte Basin, home to most of Libya’s historic output, has seen renewed exploration interest from international operators, including Eni and TotalEnergies, as the NOC pushes to restore national production capacity to pre-conflict levels.
For OMV, the successful flow test underscores a strategic pivot towards lower-risk assets with near-term development potential. “This discovery shows that Libya’s onshore prospects remain underexplored and commercially attractive,” said an analyst at Africa Energy Watch.
While commercial appraisal and field planning are still underway, both companies see the B-1 result as a milestone for Libya’s upstream recovery.
The find comes as OMV continues to diversify its global portfolio, balancing conventional oil and gas assets with investments in low-carbon energy projects. If brought to production swiftly, the Libyan discovery could help offset some of the company’s European supply constraints amid changing geopolitical dynamics.
As OMV’s partnership with NOC deepens, the success in Sirte could signal not just a technical triumph but a renewed chapter for Libya’s energy resurgence after years of decline.
