Medco may return to Libya

Mustafa Sanalla, NOC Chairman, has met with Indonesian Ambassador Raudin Anwar and his accompanying delegation at NOC Offices in Tripoli.

Also attending were Abulgasem Shingheer, Member of the Board of Directors, Fathi Madi, Manager of Investment Department and Mr. Salah Ben Ali Manager of International Cooperation Office at NOC.

The meeting discussed the mutual cooperation between the two countries in the oil sector. The Indonesian delegates expressed their country’s intention to cooperate with NOC and strengthen the relationships with Libya and that they will work on the return of the Indonesian companies to Libya as soon as possible which will constitute a support to the oil sector.

Sanalla welcomed the return of the Indonesian companies to work in Libya, particularly Medco Energy International which won the Area 47 of Ghadames Basin in the first session of the public announcement sessions in 2008 and has a partnership with the Libyan Investment Authority (LIA).

The partnership achieved oil discovery in the said Area where development works of production installations were supposed to start composing of 26 wells and the investment of 800 million dollars with production capacity of 50,000 bbl/d and the project was supposed to be completed in 2017; however, due to security problems and the political divisions that the country goes through completing this project which will enhance Libya’s production capacity when operated was delayed.

NOC has recently held a series of meetings with Medco to discuss the Company’s plans in exploration and development sector and aspects of future cooperation.

(Source: NOC)

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