en.Wedoany.com Reported - The National Oil Corporation (NOC), in cooperation with the Libyan Investment Authority (LIA), has signed an Exploration and Production Sharing Agreement (EPSA) with Qatar's UCC Holding Group for Block 47 in the Ghadames Basin, aiming to increase crude oil production in the area to approximately 80,000 barrels per day.

Masoud Suleiman, Chairman of the National Oil Corporation, stated on Wednesday that the agreement is part of the company's strategy to boost production and attract investment, aiming to fully leverage the hydrocarbon potential of the region through exploration and development programs adhering to the latest technical standards. The partnership plans to utilize associated gas for power generation, with the investor bearing full project financing.

The National Oil Corporation confirmed that the agreement represents a new step in strengthening cooperation with international investors and supporting the implementation of development projects in line with the highest safety and operational efficiency standards, contributing to increased production, maximized natural resource revenues, and support for the Libyan economy. The company stated that project implementation will depend on completing technical studies and approving development plans in accordance with current procedures to ensure optimal returns for the country. Meanwhile, the company remains committed to developing the oil and gas sector, improving the investment environment, and strengthening strategic partnerships.

The Ghadames Basin, located in northwestern Libya near the Algerian border, is one of the country's most promising oil basins.