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NOC and LIA sign EPSA with UCC Holding for Area 47 in Ghadames Basin
via Libya Herald1 min read
The 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 with UCC Holding, in partnership with the Libyan Investment Authority LIA. This agreement aims to attract investment, boost exploration and development activities, and implement exploration and development programs using best technical practices. The goal is to unlock hydrocarbon potential, increase production rates, and maximize natural resource utilization for Libya's economy. The EPSA is expected to strengthen partnerships with international investors and facilitate development projects with high safety and operational efficiency. Project implementation is contingent on technical studies and development plan approvals. The partnership also seeks to increase crude oil production to approximately 80,000 barrels per day and use associated gas for electricity generation, with the investor fully financing the project. The NOC reaffirms its commitment to developing the oil and gas sector, enhancing the investment climate, and collaborating with partners for sustainable development and national economic support.
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