Libya's National Oil Corporation has announced the discovery of a new oil field, called "Eassar", with estimated reserves of around 195 million barrels of oil.
The discovery was made by the Austrian company OMV, after drilling the B1-106/4 well and evaluating the development plan, which confirmed that the field is economically viable for exploitation.
According to NOC, the new field is located in the Sirte Basin, in central Libya, one of the country's most important oil-bearing areas, and includes the Lower and Upper Sabil reservoirs.
Libyan authorities indicate that the field is expected to have an initial production capacity of around 5,000 barrels of oil per day.
The project's development will be overseen by the Zueitina Oil Operations Company, a subsidiary of the NOC, while the proximity to existing infrastructure is expected to accelerate the start of production.
The discovery is seen as a significant step towards increasing oil production in Libya, a country that relies heavily on its energy sector. Oil accounts for about 90% of state budget revenue, and Libya holds the largest proven oil reserves in Africa.
Currently, the country produces over 1.4 million barrels of oil per day and is exempt from production restrictions imposed by OPEC.
