Austria’s OMV is advancing its Essar oil discovery in Libya’s Sirte Basin towards development after confirming up to 45mn barrels of gross recoverable resources and expected production capacity of about 6,000 barrels a day.
Libya’s National Oil Corporation declared the discovery commercially viable in July. Its location around six kilometres west of the producing Intisar 103D field creates scope for a tie-back to existing processing and production infrastructure, potentially shortening development timelines and reducing capital requirements.
Tests from the Upper and Lower Sabil formations at the B1-106/4 well produced a combined roughly 4,200 barrels a day of light crude, alongside about 2.6mn cubic feet a day of associated gas.
Zueitina Oil Company will lead development of the discovery, while OMV holds a 12% interest in concession C103.
NOC previously cited 195mn barrels across the two reservoirs, compared with OMV’s more specific estimate of up to 45mn barrels of gross recoverable resources. The companies have not published a detailed reconciliation of the two figures.
Essar gives OMV a commercially viable result from its return to Libyan exploration after more than a decade, while offering Libya a relatively modest but potentially faster-to-market addition to Sirte Basin production.
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