Tripoli: The National Oil Corporation (NOC) has announced a new oil discovery in the Sirte Basin, made by the Austrian company OMV Ltd. (Libya Branch). This significant finding was made in Block 106/4, at well B1.
According to Libyan News Agency, production tests at the exploratory well, which reaches a depth of 10,476 feet, have yielded an average production rate of over 4,200 barrels of oil per day. Additionally, the gas production rates have exceeded 2.6 million cubic feet per day.
The NOC clarified that this well represents the first discovery for OMV’s exploration activities in Block 106/4. This is under the Exploration and Production Sharing Agreement (EPSA) signed in 2008 between the NOC, as the owner, and OMV, as the operator.