Published On 7/8/2026
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Last update: 13:06 (Mecca time)
The National Oil Corporation of Libya announced today, Wednesday, the signing of an agreement for exploration and production sharing in Area (47) in the Ghadames Basin with the Qatari “UCC Holding” group, in partnership with the Libyan Investment Corporation, in a step aimed at enhancing investments and increasing oil and gas production.
The head of the National Oil Corporation, Masoud Suleiman, said through his account on the X platform, that the agreement comes within the corporation’s efforts to attract investments and expand exploration and development activities in the oil and gas sector, in a way that supports plans to raise production and maximize the use of natural resources.
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He added that the agreement aims to implement exploratory and development programs in accordance with the best technical practices, to exploit the hydrocarbon potential in the region, and to enhance the oil sector’s contribution to supporting the Libyan economy.
Increase production
Suleiman explained that the partnership aims to raise the field’s production to about 80,000 barrels per day of crude oil, in addition to exploiting the associated gas to generate electricity, with the investor financing the entire project.
He stressed that the implementation of the project will be subject to the completion of technical studies and the approval of development plans in accordance with established procedures, ensuring the best return for the Libyan state, noting that the agreement represents an important step to strengthen partnerships with international investors and implement development projects in accordance with the highest standards of safety and operational efficiency.
Suleiman renewed the corporation’s commitment to continuing to develop the oil and gas sector, improving the investment environment, and working with its partners to achieve sustainable development and support the national economy.
The “UCC Holding” account on “X” reported the day before yesterday that “Urbacon Energy Libya” had signed an exploration and production sharing agreement with the National Oil Corporation and the Libyan Investment Corporation to develop Area 47 in the Ghadames Basin.
UCC Holding stated that the project aims to raise production through a development program whose investments are estimated at about one billion US dollars, according to the adoption of the detailed development plan.
