NOC takes over Medco Energi’s Area 47 and shares in Nafusah Oil in settlement of claims

Libya’s state National Oil Corporation (NOC) announced Friday the settlement of the claims and counterclaims between it and PT Medco Energi Internasional Tbk (MedcoEnergi).

This, it revealed, was done through the acquisition by the NOC of the participating interest of MedcoEnergi in the Contract Area 47 Exploration and Production Sharing Agreement and MedcoEnergi’s entire shareholding in the Joint Operating Company, Nafusah Oil Operations B.V.