By: African mining market

Austrian energy group OMV has announced a new oil and gas discovery in Libya’s Sirte Basin, more than a year after resuming exploration work in the country.

The discovery follows exploration drilling on onshore block 106/4, where the B1 well reached a depth of 10,476 feet (about 3,193 meters). Production tests recorded flows of more than 4,200 barrels of oil per day and around 2.6 million cubic feet of natural gas per day, according to NOC data.

This is OMV’s first positive result on the block, operated under a production-sharing agreement signed with NOC in 2008.

The Sirte Basin remains Libya’s most important hydrocarbon zone, accounting for over 90% of national oil output and between 80% and 95% of proven reserves, according to the U.S. Energy Information Administration (EIA) and the U.S. Geological Survey (USGS).

For OMV, the find marks the first success of its renewed exploration program on block 106/4, developed in partnership with NOC. The discovery also comes as foreign companies such as Eni, BP, and Sonatrach gradually restart operations in Libya amid improving field conditions.

Although the reported volumes are not yet sufficient to confirm a commercially viable field, they offer promising signs for future development.

Libya aims to raise crude oil production to 2 million barrels per day by 2026, up from 1.38 million barrels per day in August this year.