OMV has confirmed commercial viability of the Essar discovery in concession C 103 in Libya’s Sirte basin following the completion of technical and economic evaluations, the company said in a release Sept. 16. 

Total recoverable resources are estimated up to 45 million bbl of oil, the company said. Due to its proximity to existing production and processing infrastructure, OMV and Libya's National Oil Corp. expect that the field can be developed quickly. The field is expected to reach gross production capacity of about 6,000 bo/d once fully developed.

The Sirte basin province ranks 13th among the world’s petroleum provinces, having known reserves of 43.1 billion boe. Sixteen giant (>500 MMboe) fields lie in the province with reservoirs ranging in age from Precambrian to Miocene.

OMV operates the Essar well and holds 12% interest in C 103. Development of the reservoir will be led by Zueitina Oil Co.