The National Oil Corporation has announced a significant new oil discovery made by OMV Austria Ltd., Libya Branch, in the Sirte Basin at Block 106/4, well B1. According to production tests, this exploratory well, which reaches a depth of 10,476 feet, produced an impressive average daily production rate of over 4,200 barrels of oil and over 2.6 million cubic feet of gas per day.
This well represents the first discovery for OMV in Block 106/4 under the Exploration and Production Sharing Agreement signed in 2008 between the NOC as the owner and OMV as the operator. The discovery marks a notable success for the Austrian company’s exploration activities in Libya and adds to the country’s hydrocarbon reserves in the prolific Sirte Basin.
The announcement comes as Libya continues its efforts to attract international investment and expand its oil and gas production capacity. The NOC has been actively working to strengthen partnerships with major international energy companies to enhance production efficiency and develop the sector’s infrastructure using the latest global standards.
Sources: libyaherald.com, lana.gov.ly