Libya Declares Major Oil Discovery Commercial as Production Revival Gains Pace

Libya’s National Oil Corporation, NOC, and Austrian energy firm OMV have declared the Essar oil discovery commercially viable as OPEC’s second-largest African producer pushes to revive its industry in partnerships with international oil majors. NOC has said that the “Essar” discovery made by OMV Austria is now declared commercially viable, following the drilling of well B1-106/4 and the completion of the evaluation process of the development plan submitted by the Austrian company to the NOC. Total reserves from the…