NOC, LIA sign production-sharing agreement with UCC Holding for Ghadames Basin

Libya’s National Oil Corporation (NOC), in partnership with the Libyan Investment Authority (LIA), has signed an exploration and production-sharing agreement for Area 47 in the Ghadames Basin with Qatar-based UCC Holding, a leading international company.

NOC Chairman Masoud Suleiman announced the agreement on Facebook on Wednesday, saying the partnership aims to increase production from Area 47 to approximately 80,000 barrels of crude oil per day, while also utilizing associated gas for electricity generation. The project will be fully financed by the investor.

The agreement provides for the implementation of exploration and field development programs in line with international best technical practices, with the aim of maximizing the area’s hydrocarbon potential and supporting Libya’s plans to increase oil production.

According to Suleiman, the project will move forward once the required technical studies are completed and development plans receive the necessary approvals under the applicable procedures, ensuring the best possible returns for the Libyan state.

He added that the NOC remains committed to developing Libya’s oil and gas sector, strengthening the investment environment, and working with its partners to achieve sustainable development and support the national economy.

He described the agreement as an important step toward expanding partnerships with international investors and advancing development projects in line with the highest standards of safety and operational efficiency.