Libya’s National Oil Corporation (NOC), in partnership with the Libyan Investment Authority (LIA), has signed an Exploration and Production Sharing Agreement (EPSA) with UCC Holding for Area 47 in the Ghadames Basin.
NOC Chairman Masoud Suleiman said the agreement is part of efforts to attract investment, expand exploration activities and increase oil and gas production in the country.
The deal will support exploration and development programs aimed at unlocking the hydrocarbon potential of the area, while applying international technical standards and improving operational efficiency.
Under the agreement, the project seeks to raise crude oil production from the field to about 80,000 barrels per day and utilize associated gas for electricity generation. The investor will provide full financing for the project.
Masoud said implementation will begin after completion of technical studies and approval of development plans in line with Libya’s established procedures to ensure maximum benefits for the state. The NOC said the partnership represents a step towards strengthening cooperation with investors, improving the investment environment and supporting the long-term growth of Libya’s oil and gas sector.
