Reuters reported on Wednesday that Masoud Suleman, Chairman of the National Oil Corporation (NOC), signed an Exploration and Production Sharing Agreement (EPSA) for Area 47 in the Ghadames Basin with the Libyan Investment Authority (LIA) and Qatar’s UCC Holding.
According to the news agency, the partnership aims to increase oil production to approximately 80,000 barrels per day while utilizing associated natural gas for power generation. Reuters added that the investing company will provide full financing for the project.
