Libya declares OMV oil discovery commercially viable, expects 5,000 bpd output
16/07/2026 23:43
Libya declares OMV oil discovery commercially viable, expects 5,000 bpd output July 17 (Reuters) - Libya's National Oil Corporation (NOC) said late on Thursday that OMV's OMVV.VI Iasar oil discovery had been declared commercially viable following an evaluation of the Austrian company's development plan, with the field expected to produce about 5,000 barrels per day.
The NOC said on its website the discovery, made in October 2025 in the eastern Sirte Basin in east-central Libya, contains an estimated 195 million barrels of recoverable oil from the upper and lower Sabil reservoirs. It said production would begin as quickly as possible because the site is close to existing surface facilities.
(Writing by Hatem Maher; Editing by Chris Reese)
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