OMV strikes commercially viable oil find in Libya's Sirte Basin
Austrian energy company OMV has confirmed a commercially viable oil discovery at the Issar well it operates in Libya's Sirte Basin, following completion of technical and economic assessments.
Studies point to up to 45 million barrels of recoverable oil at the field, OMV said in a statement, adding that it holds a 12 per cent stake in Concession C103.
Zueitina Oil Company will lead the field's development. Its proximity to existing production and processing infrastructure, OMV said, could allow the project to move forward quickly and at lower cost.
