Libya announces new oil field discovery with estimated reserves of 195M barrels

Libya’s National Oil Corporation (NOC) announced Friday the discovery of a new oil field, named the “Eassar,” with estimated reserves of about 195 million barrels and an expected production capacity of around 5,000 barrels per day, Anadolu reports. In a statement, the state-owned corporation, which manages Libya’s oil and gas sector, said the discovery was made by Austria’s OMV following the drilling of the B1-106/4 well and the completion of an evaluation of the company’s proposed development plan, which confirmed the field’s commercial viability. It said the discovery is estimated to hold about 195 million barrels of oil in the Upper and Lower Sabil reservoirs in the Sirte Basin, which lies in central Libya and extends eastward. The NOC said […]