Libya announces new oil field discovery

Libya's National Oil Corporation (NOC) announced a new oil field discovery called "Eassar," which holds approximately 195 million barrels of oil. The field, located in the Sirte Basin, is expected to produce around 5,000 barrels per day. The discovery was made by Austria's OMV after drilling the B1-106/4 well.

NOC stated this proximity to existing infrastructure will expedite development. Libya's oil sector is crucial, as the country relies on oil revenue for 90% of its state budget and has the largest proven oil reserves in Africa. Currently, Libya produces over 1.4 million barrels of oil daily.