OMV announces new oil field discovery in Libya's Sirte Basin

OMV announced that it has discovered a new oil field in Libya's Sirte Basin and deemed it commercially viable. The company estimates that, once fully developed, the reservoir could produce up to 6,000 barrels of oil each day. Proximity to existing facilities should enable a swift commencement of extraction.

The drilling was conducted in partnership with the Libyan National Oil Corporation, marking the resumption of OMV's exploration work in Libya after more than a decade of interruption. OMV has been operating in the country for about 50 years and holds a long-standing partnership with the Libyan government. Berislav Gašo, an OMV manager, described the discovery as a major milestone that underscores Libya's resource potential and the value of enduring collaborations. No specific start-up date for production was provided.