Libya’s National Oil Corporation has signed an Exploration and Production Sharing Agreement for Area 47 in the Ghadames Basin with the Libyan Investment Authority and Qatar’s UCC Holding, in a deal worth roughly $1 billion aimed at expanding the country’s oil and gas sector.
NOC chairman Masoud Suleiman said the agreement includes exploration and development programmes built around the latest technical standards, unlocking the promising hydrocarbon resources of the area in northwestern Libya near the Algerian border, as part of the corporation’s strategy to grow oil and gas output and strengthen the energy sector’s contribution to the economy.
Signed between UCC Holding subsidiary Urbacon Energy Libya, the NOC and the Libyan Investment Authority, the agreement is expected to unlock new reserves while lifting Ghadames Basin production to around 80,000 barrels a day, reinforcing the basin’s status as one of Libya’s most prospective hydrocarbon areas. The deal comes as Libya works to raise production to 1.6 million barrels a day by the end of 2026 and 2 million barrels a day by 2030, building on a rise to 1.48 million barrels a day this year — the country’s highest level since 2013.
Source: (libyaobserver.ly, prospect-intel.com)