Libya’s New Oil Field Deemed Commercially Viable: National Oil Company
Libya’s New Oil Field Deemed Commercially Viable: National Oil Company
The new "Essar" (Arabic for "hurricane") oil field holds estimated reserves of 195 million barrels, with an expected production capacity of approximately 5,000 barrels per day, the National Oil Company (NOC) of Libya announced.
Production from the deposit is expected to start as soon as possible due to the site's proximity to existing surface facilities, according to the company's statement.
Recent developments in Libya's oil sector:
▪Libya launched its first oil and gas exploration licensing round in nearly two decades.
▪Major international energy companies have expanded or resumed exploration and development activities in the country.
▪The NOC has announced several new oil and gas discoveries over the past 18 months.
▪Libya, home to Africa's largest proven oil reserves, produced around 1.4 million barrels of crude per day in 2025, according to NOC statistics.
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