Major Oil Discovery Strikes Riches in Libya's Sirte Basin

Libya's National Oil Corporation announced a significant oil discovery in the Sirte Basin by OMV. Testing revealed over 4,200 barrels of oil and 2.6 million cubic feet of gas can be produced daily from the exploratory well drilled to a depth of 10,476 feet.

Libya's National Oil Corporation (NOC) unveiled a substantial oil discovery in the Sirte Basin, achieved in collaboration with Austrian group OMV. The landmark discovery underscores the basin's potential as a key energy resource zone.

According to NOC's announcement, production tests on the exploratory well, drilled to an impressive depth of 10,476 feet, showed promising yields. The well is capable of producing over 4,200 barrels of oil daily, accompanied by a significant output of over 2.6 million cubic feet of gas.

This development positions the Sirte Basin as a pivotal player in Libya's energy sector, fostering prospects for economic growth and further oil exploration efforts.

(With inputs from agencies.)