LIA renews MEDCO Energy oil exploration agreement
By Sami Zaptia.
London, 12 June 2018:
The Libyan Investment Authority (LIA) has announced that, together with the National Oil Corporation (NOC), it has extended the previous agreement with MEDCO Energy for the exploration of plot 47.
The LIA statement released on Sunday said that ‘‘as the initial explorations resulted in a production capacity of up to 25,000 barrels per day and with the extension of the agreement, this figure is likely to increase with the completion of exploration of other wells in the plot’’.
In the statement, the Director-General of Medco, Faisal Sheeta, said that the company had begun the process to complete the project immediately after the NOC signs the extension of the agreement putting into force.
It will be recalled that the oil exploration agreement had been signed in 2009 between the LIA, the NOC and Medco Energy of Indonesian for the purpose of exploring oil wells in plot 47.