The Libya NOC has found the OMV Austria-operated Essar discovery commercially viable
Oil& Gas
This comes after the B1-106/4 well was drilled. The company had framed a development plan evaluation process, confirming the discovery’s commercial viability, and submitted it to the NOC.
Total reserves from the discovery are estimated at 195 million barrels of oil from the upper and lower Sabil reservoirs, with an expected production capacity of about 5,000 barrels per day.
Development work for the discovery will begin under the operator, Zueitina Oil Operations Company, and is expected to bring it into production as quickly as possible thanks to the site’s proximity to existing surface facilities.
Libya NOC has been putting in a lot of efforts to ramp up the region’s offshore resources, granting several licenses to oil majors. MOL Group has signed a production sharing agreement with its partners, Repsol and Türkiye Petrolleri AO (TPAO) for an offshore exploration area in the Mediterranean Sea, after being granted an exploration licence by LIbya’s NOC.
“We are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement. This also means a new milestone in the revitalisation of Libya’s oil and gas industry and we are honoured to be part of it. Libya holds strategic importance for Europe and offers an exceptional offshore exploration opportunity in North Africa. We are committed to contributing our expertise to Libya’s economy, while also strengthening the energy security of Central Eastern Europe through a new source.“ said Zsombor Marton, executive vice president of MOL Group Exploration and Production.
The NOC also saw the start-up of hydrocarbon production from Sabratha Compression Project, which is a joint venture with Eni by the name of Mellitah Oil & Gas. The Sabratha Compression Project comprises an installation of a new 1,600-ton compression module on the Sabratha platform, equipped with new compression trains, providing an overall compression capacity of about 440 MMscfd.
Business& Industrial