National Oil Corporation signs exploration and development agreement for (Area 47) in Ghadames Basin with Qatari Group
National Oil Corporation (NOC) Chairman Masoud Suleiman announced the signing of an Exploration and Production Sharing Agreement (EPSA) for (Area 47) in the Ghadames Basin, in partnership with the Libyan Investment Authority (LIA) and Qatar’s UCC Group, in a move aimed at expanding exploration activities and developing Libya’s oil and gas sector.
Suleiman said the agreement includes exploration and development programs based on the latest technical standards, enabling the development of the area’s promising hydrocarbon resources in northwestern Libya near the Algerian border.
The NOC said the agreement forms part of its strategy to increase oil and gas production, maximize the use of Libya’s natural resources, and support the national economy by strengthening the energy sector’s contribution to economic development.
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