Libya’s National Oil Corporation (NOC) on July 17 announced the discovery of a new oil field, named the Eassar, with estimated reserves of about 195 million barrels and an expected production capacity of around 5,000 barrels per day, said an Anadolu report.
In a statement, the NOC, which manages Libya’s oil and gas sector, said the discovery was made by Austria’s OMV following the drilling of the B1-106/4 well and the completion of an evaluation of the company’s proposed development plan, which confirmed the field’s commercial viability.It said the discovery is estimated to hold about 195 million barrels of oil in the Upper and Lower Sabil reservoirs in the Sirte Basin, which lies in central Libya and extends eastward.
The NOC said the field is expected to produce around 5,000 barrels per day.It added that Zueitina Oil Operations Company, a subsidiary of the NOC, will oversee development of the discovery as operator. It added that the field’s proximity to existing surface facilities will help accelerate development and bring it into production as soon as possible, supporting higher output and strengthening Libya’s oil sector.
On Dec. 5, 2022, Libya’s internationally recognised Government of National Unity lifted force majeure on oil and gas exploration activities and called on international oil companies to resume operations.
Libya currently produces more than 1.4 million barrels of oil per day, according to the NOC.