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🛒 تسوق الآنLibya's NOC Signs $1 Billion Ghadames Basin Oil and Gas Partnership
Libya's NOC Signs $1 Billion Ghadames Basin Oil and Gas Partnership
New EPSA agreement targets 80,000 barrels per day from Area 47
Libya's National Oil Corporation (NOC) has signed a new exploration and production sharing agreement (EPSA) for Area 47 in the Ghadames Basin with Qatar's UCC Holding, marking a major step in the country's drive to boost hydrocarbon output and attract foreign investment into its energy sector.
The agreement, signed in partnership with the Libyan Investment Corporation (LIC), aims to develop one of Libya's most promising hydrocarbon basins through an investment program valued at approximately $1 billion, according to UCC Holding's official announcement on X.
Qatari-Libyan Partnership Targets Production Growth
UCC Holding confirmed that its subsidiary Urbacon Energy Libya signed the EPSA agreement with NOC and LIC to develop Area 47 in the Ghadames Basin. The project targets raising production to approximately 80,000 barrels per day of crude oil, with associated gas to be utilized for electricity generation rather than flared.
The agreement follows NOC's acquisition of Indonesian Medco Energy's stake in Block 47 in May 2024, along with its full share in Nafusa Oil Operations Company, which paved the way for reopening the area to a new investor.
NOC Chairman: Project Fully Financed by Investor
NOC Chairman Masoud Suleiman stated that the agreement aims to implement exploration and development programs according to best technical practices, enabling the assessment and utilization of the region's hydrocarbon potential while supporting the corporation's plans to increase production.
Suleiman emphasized that the project will be fully financed by the investor, with execution set to commence after completing technical studies and approving development plans. "This agreement represents an important step to strengthen partnerships with international investors and support the implementation of development projects according to the highest safety and operational efficiency standards," he said.
Ghadames Basin: A Strategic Hydrocarbon Hub
The Ghadames Basin is one of North Africa's most prominent oil basins, geologically extending across Libya, Algeria, and Tunisia. It holds significant oil and gas reserves and has hosted exploration and production operations by international companies over past decades.
NOC has been working to revitalize exploration activity in the basin following years of reduced investment. In April 2026, NOC—in collaboration with Algeria's Sonatrach—announced a new oil and gas discovery from the exploratory well A1-69/02, located approximately 70 kilometers from the Wafa field, underscoring the basin's continued potential.
Supporting Libya's 2 Million Bpd Target
The agreement aligns with NOC's broader strategy to raise Libya's production capacity to 2 million barrels per day in the coming years. This involves developing existing fields, launching new exploration rounds, and attracting international and regional companies to participate in developing hydrocarbon resources.
Under the EPSA framework, NOC retains ownership of hydrocarbon resources while the investor finances exploration and development operations in exchange for a share of production according to contractual terms—a model Libya has relied on for decades in upstream sector development.
Environmental and Economic Dimensions
The project aligns with NOC's plans to utilize associated gas for electricity generation, reducing gas flaring in compliance with global trends to lower emissions and improve the energy sector's environmental performance. This is particularly significant for Libya, whose economy relies almost entirely on oil and gas revenues as the primary source of public income and foreign currency.
The agreement also reflects growing interest from regional investors in Libya's oil sector, which holds vast untapped reserves. It marks renewed momentum for exploration in the Ghadames Basin after years of subdued activity, positioning the basin as a key contributor to Libya's energy future.
— Libya Press / Economy Desk
