Libya signs an oil agreement with the Qatari “UCC” with investments amounting to one billion dollars

Libya– The National Oil Corporation in Libya announced today, Wednesday, the signing of an agreement for exploration and production sharing in Area (47) in the Ghadames Basin with thegroup. “UCC Holding”Qatar Airways, in partnership with the Libyan Investment Authority, in a move aimed at attracting new investments and enhancing oil and gas production.

The head of the National Oil Corporation, Masoud Suleiman, confirmed that the agreement comes within the corporation’s strategy to expand exploration and development activities, in a way that supports plans to raise national production and maximize the use of hydrocarbon resources.

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The agreement aims to implement exploratory and development programs in accordance with the latest technical standards, to exploit the oil and gas potential in the region, while working to enhance the sector’s contribution to supporting the Libyan economy.

Suleiman explained that the project aims to raise the field’s production to about80 thousand barrels per dayof crude oil, in addition to investing in associated gas in electricity production, provided that the investor bears the full financing costs.

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He pointed out that the implementation of the project will be subject to technical studies and the approval of development plans in accordance with the approved procedures, ensuring the best return for the Libyan state, stressing that the agreement represents an important milestone in the path of strengthening partnerships with international investors and improving the investment environment in the energy sector.

It was a group“UCC Holding”had previously announced that its subsidiary“Urbacon Energy Libya”It signed an exploration and production sharing agreement with the National Oil Corporation and the Libyan Investment Authority to develop Area (47) in the Ghadames Basin, noting that the project targets investments estimated at approximatelyBillion US dollarsSubject to the approval of the final development plan.

Source:“My press”