The National Oil Corporation (NOC) Chairman, Masoud Suleiman, revealed today that, in partnership with the Libyan Investment Authority (LIA), an Exploration and Production Sharing Agreement (EPSA) was signed for Area 47 in the Ghadames Basin with UCC Holding.
Masoud said this move aligns with the NOC’s efforts to attract investment and boost exploration and development activities within Libya's oil and gas sector.
The agreement, he continued, aims to implement exploration and development programmes in accordance with best technical practices. This will help unlock the area's hydrocarbon potential and support the NOC’s plans to increase production rates and maximize the utilization of natural resources for the benefit of the national economy.
This agreement, he added, marks a significant step toward strengthening partnerships with international investors, facilitating the execution of development projects to the highest standards of safety and operational efficiency.
Masoud explained that the EPSA's project implementation is contingent upon the completion of technical studies and the approval of development plans in accordance with established procedures, ensuring optimal returns for the Libyan state.
He revealed that the EPSA partnership also aims to increase the field's crude oil production to approximately 80,000 barrels per day and utilize associated gas for electricity generation, with the investor fully financing the project.
Finally, he reaffirm the NOC’s commitment to the continued development of the oil and gas sector, the enhancement of the investment climate, and collaboration with partners to achieve sustainable development and support the national economy.