Libya Confirms Major Oil Discovery in Sirte Basin

Libya’s National Oil Corporation (NOC) has announced a significant new oil discovery in the Sirte Basin,located in central Libya. The find was made by the Austrian energy company OMV through its Libyan branch,marking the firm’s first exploration activity in the region.

According to the NOC’s statement released on Wednesday,October 29,preliminary tests indicate that the exploratory well can produce over 4,200 barrels of oil and more than 2.6 million cubic feet of natural gas per day. The discovery follows OMV’s resumption of drilling operations in late 2023 after a 13-year suspension,signalling renewed momentum in Libya’s energy exploration efforts.