Libya Declares Major Oil Discovery Commercial as Production Revival Gains Pace Libya's National Oil Corporation (NOC) has declared the Essar oil discovery commercially viable, marking a significant step towards the country's oil production revival.
This move comes after years of civil war and turmoil that have crippled Libya's struggling oil industry. The partnership between NOC and Austrian energy firm OMV is seen as a major coup for Libya's oil sector.
The discovery is estimated to hold 195 million barrels of oil, with an expected production capacity of around 5,000 barrels per day.