en.Wedoany.com Reported - Libya's National Oil Corporation (NOC) and Austrian energy company OMV have announced that the jointly discovered Essar oilfield is now commercially viable. As the second-largest African oil producer in OPEC, Libya is driving the recovery of its oil industry through cooperation with international oil companies.

NOC stated that after completing the drilling of well B1-106/4 and evaluating the development plan submitted by OMV, the Essar oilfield was officially confirmed as commercially feasible. The field has total estimated reserves of 195 million barrels, located in the upper and lower "Sab11" reservoirs, with an expected production capacity of approximately 5,000 barrels per day.

Development of the field will be carried out by operator Zueitina Oil Operations Company. Due to its proximity to existing surface facilities, the field is expected to achieve production as soon as possible.

After years of civil war and political turmoil, Libya and its national oil company are attracting major international oil companies back to its upstream sector through the first oil bidding round in nearly two decades. Last year, Libya launched its first oil and gas exploration tender in 18 years. The previous tender was held in 2007, four years before the fall of Muammar Gaddafi's regime in 2011. The country subsequently fell into a prolonged civil war, with various factions and tribal interest groups vying for control of key institutions and major oil fields.

Last month, NOC formally signed exploration and production sharing agreements for the 2025 bidding round with companies including Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL. This marks the country's first large-scale licensing round in 17 years.

Currently, Libya's oil production has risen to approximately 1.4 million barrels per day, the highest level in over a decade. Officials expect production capacity to reach 1.6 million barrels per day by the end of this year, with a long-term target of 2 million barrels per day.