Austrian oil company OMV has resumed oil exploration in Libya’s Sirte Basin. The resumption follows a 13-year hiatus and signals a strong intention by foreign firms to invest in Libya’s oil and gas sector, according to Libya’s state-owned National Oil Corporation.
Focusing on Block 106/4, the company will kickstart its exploration campaign by drilling exploration well B1-106/4 – dubbed the ESSAR Prospect.
Libyan oil and gas company Zueitina Oil Company will lead the drilling activities, with the well anticipated to be drilled up to a final depth of 3,087 m.
