NOC, LIA and MEDCO discuss bringing Ghadames Basin contract 47 into production

By Sami Zaptia.

London, 25 November 2020:

Mustafa Sanalla, National Oil Corporation (NOC) chairman met throughout the last three days in Istanbul with both of the Chairman of the Board and Chief Executive Officer of the Libyan Investment Authority (LIA) and Roberto Lorato Chief Executive Officer of Medco International Ventures Limited (MIVL), the partners in Exploration and Production Sharing Agreement (EPSA) for Contract Area 47 located in Ghadames Basin.

The NOC reported yesterday that the meeting discussed the topics which were forwarded to them by the Owners Committee during its meeting held in September 2020.

The NOC said the Owners studied the points referred to them in a friendly atmosphere aimed at pushing to implement the faltering plan of the project. It said there was a consensus on the continuity of implementing this project and the appropriate solutions for the obstacles that faced its implementation were provided.

At the end of the discussions, a decision was approved and referred to the Management Committee of the Operator including a specified time schedule to be implemented which will be binding for all the parties.

Ali Mahmoud, Chairman of the Libyan Investment Authority (LIA) affirmed the NOC’s commitment in developing the project and putting it into production as soon as possible to increase the national revenues.

On his part, the Chief Executive Officer of Medco International commended the experts from the three parties for arriving at practical solutions.

Sanalla urged the Operator’s Management at the end of the meeting for the necessity of abiding by what was agreed on and working on putting this field into production as soon as possible as well as cooperating between each other to reach the objective as per the agreed upon time schedule. He also pointed out that the NOC would devote all its resources to get to that goal.

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