The Austrian oil company OMV announced on Tuesday the discovery of an onshore oil field off the coast of Libya.
The National Oil Corporation (NOC) had announced late last week that OMV’s B-1 exploration well had successfully started flowing oil and gas.
According to the NOC, the well was drilled to a total depth of 10,476 feet in the Sirte Basin, with a flow rate of over 4,200 barrels of oil per day and more than 2.6 million cubic feet of gas per day.
OMV stated that the exploration targeted recoverable volumes ranging between 15 million and 42 million barrels of oil equivalent.
The company added that the site’s proximity to existing infrastructure offers potential for rapid development, noting that it is working closely with the National Oil Corporation to evaluate the discovery and consider the next steps.
