Libya’s National Oil Corporation (NOC) has announced the discovery of a new oil field, named “Eassar,” with estimated reserves of about 195 million barrels. The field is expected to produce around 5,000 barrels of oil per day.
The discovery was made by Austria’s OMV after drilling the B1-106/4 well. Following an evaluation of the proposed development plan, the company confirmed that the field is commercially viable.
According to the NOC, the Easar field contains an estimated 195 million barrels of oil in the Upper and Lower Sabil reservoirs within the Sirte Basin in central Libya.
The corporation estimates that the field will produce approximately 5,000 barrels of oil per day once development begins.
Zueitina Oil Operations Company, a subsidiary of the NOC, will lead the development of the field as the project operator.
The NOC said the field’s location near existing infrastructure will help speed up development and allow production to begin sooner, supporting higher oil output and strengthening Libya’s energy sector.
In December 2022, Libya’s internationally recognized Government of National Unity lifted force majeure on oil and gas exploration activities and invited international oil companies to resume operations.
Libya currently produces more than 1.4 million barrels of oil per day, according to the latest figures released by the National Oil Corporation.
The country holds Africa’s largest proven oil reserves and depends on oil revenues for about 90% of its state budget. Libya is also exempt from OPEC production cuts.
source: aa.com.t
African Energy Council