The Libyan Investment Authority (LIA) has signed a contract with the Indonesian company Medco Energi extending the previous agreement relating to oil exploration in district 47.
The signing was attended by the LIA Chairman and Chief Executive Dr. Ali Mahmoud, and Medco Energi’s General Manager in Libya Mr. Faisal Shita.
Mr Shita said:
“The initial exploration of the oil wells yielded production capacity of 25 thousand barrels per day, and with the extension of this agreement, it is most likely this figure will be increased by completing the exploration of wells in the region.
“The company has started processing to complete the project once the National Oil Corporation (NOC) signs the agreement.“