OMV Austria discovers oil in Libya's Sirte basin

OMV Austria Ltd. discovered oil at well B1 in Block 106/4 onshore in Libya's Sirte basin.

The exploratory well, drilled in the Essar prospect, reached a depth of 10,476 ft and encountered oil-bearing formations containing 15-42 MMboe estimated contingent recoverable volumes. The well is producing more than 4,200 bo/d on test, with gas production expected to exceed 2.6 MMcfd.

This well marks the first discovery for OMV in Block 106/4 under the exploration and production sharing agreement (EPSA) signed in 2008 between Libya’s National Oil Corp. (NOC), as the owner, and OMV, as the operator.