Summary:

On 30 October 2025, the National Oil Corporation (NOC) announced a new oil discovery by Austria’s OMV Exploration GmbH, Libya Branch, in the Sirte Basin. The find, at Block 106/4, well B1, marks OMV’s first successful exploration in the area.  

Production tests showed an oil flow rate exceeding 4,200 barrels per day and gas production of more than 2.6 million cubic feet per day. The discovery is the first under the Exploration and Production Sharing Agreement (EPSA) signed in 2008 between the NOC and OMV.  

NOC highlighted the milestone as evidence of the Sirte Basin’s continued potential and the attractiveness of Libya’s upstream sector to international investors, despite political, security, and logistical challenges. 

Outlook: 

The discovery signals renewed exploration momentum in Libya’s oil sector and reinforces international investor confidence. Libya’s consecutive discoveries and ongoing projects in the energy sector highlight its high potential to become a leading energy producer in the region, assuming that political and security challenges can be meaningfully addressed. 

The latest OMV find supports the country’s broader strategy to expand production capacity and attract foreign investment, contributing to Libya’s economic recovery and energy security. Continued collaboration between the NOC and foreign operators is likely to drive further exploration and development across key hydrocarbon regions. 

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